Tashkent, Uzbekistan (UzDaily.com) — The cost of Uzbekistan’s small nuclear power plant (SNPP) will be under US$2 billion, according to Azim Akhmedkhadjaev, Director of the Uzbekistan Atomic Energy Agency ("Uzatom"), in an interview with Alter Ego.

Akhmedkhadjaev stated that the SNPP project involves a complex financial structure. While the final cost has not been disclosed due to ongoing cost optimization efforts, expenses have already been reduced by approximately US$300 million. The target cost for the plant, which will feature six reactors with a total capacity of 330 MW, is set at under US$2 billion.

The project follows the Open Book principle, allowing the client to monitor all contractor expenses. To reduce costs, the procurement of equipment from Chinese manufacturers operating under European company licenses is being considered.

The project’s financing will include international investments, including concessional loans from China. However, Russian loans are not part of the project, and foreign investors’ involvement will be limited to receiving dividends without influencing plant management.

The payback period for the SNPP is estimated at 15–20 years. Once the plant reaches breakeven, the cost of electricity could drop to 1.5–2 cents per kWh, making it one of the cheapest energy sources in the world.

Construction is progressing ahead of schedule, with the first concrete pour planned for Q2 2026. The project is being monitored by the International Atomic Energy Agency (IAEA), with French and Chinese technologies under consideration.

To maximize localization, local companies and labor will be heavily involved in the SNPP’s construction. Akhmedkhadjaev also confirmed the participation of Saneg in the project and provided details on who reports to the president on its progress.