Project finance backed by development finance institutions is making its way into Central Asia’s data center buildout, with DataVolt announcing it has secured up to $150 million in non-recourse funding for a new facility in Tashkent, Uzbekistan.
The financing is intended to support the development and long-term operation of a 12MW “AI-ready” green data center known as TAS-1. The company said the first phase is expected to be ready for service by the end of 2026, with additional capacity scheduled to come online later in 2027.
Up to $150M of non-recourse funding for TAS-1
DataVolt’s announcement describes the package as a 12-year non-recourse project financing arrangement. Unlike general corporate debt, non-recourse structures typically tie repayment to the project’s cash flows and assets, which can shift certain risks away from the sponsor, depending on the specific terms.
DataVolt said the consortium includes four international development financing institutions: DEG (German development bank), the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, and Proparco. The group’s involvement positions the project within a broader trend of development lenders supporting private-sector infrastructure where policy objectives and financing gaps intersect.
In its statement, DataVolt linked the financing to Uzbekistan’s wider digital agenda, referencing the government’s Digital Uzbekistan 2030 strategy. The company also pointed to demand growth for digital infrastructure and AI-related services in the region.
Why AI-ready capacity matters for Uzbekistan
AI-ready data centers are typically designed for higher-density computing, faster and more reliable power delivery, and infrastructure features that can support modern workloads such as machine learning training and inference. The TAS-1 project is described as being sized at 12MW of IT capacity and designed to accommodate liquid cooling for high-density workloads.
While the announcement focuses on the financing and timeline, it also gives a sense of the operational direction the project intends to take. DataVolt says TAS-1 will be built to provide carrier-neutral connectivity, enterprise-grade reliability, and a redundancy and security posture geared toward business-critical deployments.
For Uzbekistan, these buildouts are also framed as an enabling layer for broader digital services, including analytics and data management needs across sectors. The company said the facility will improve the availability of compute and data services for businesses in areas ranging from agriculture and manufacturing to other industries that rely on data processing and connectivity.
Green infrastructure goals and power strategy
Development finance institutions have increasingly emphasized environmental and social criteria alongside economic development. In that context, DataVolt said TAS-1 targets largely renewable-powered operations. The company indicated an ambition to work toward net-zero data center operations, with an aim to power the facility using more than 95% green electricity, and to eliminate nearly all Scope 2 emissions.
These figures reflect an approach common in the “green data center” segment: aligning power sourcing, energy efficiency, and emissions accounting with investor expectations. However, the real-world outcome will depend on the specific electricity supply arrangements and measured performance once the facility is operational.
Timeline, site and capacity phasing
According to the company, TAS-1 will be located within Tashkent’s IT Park. It outlined a phasing plan for the facility, describing the first phase as ready-for-service by the end of 2026 and the second phase coming online in late 2027.
DataVolt also said it has already secured “significant interest” from both international and domestic customers. While this does not provide contract terms or volumes, it suggests the company believes there is sufficient near-term demand for colocated and enterprise-scale workloads in the market.
Development finance institutions signal confidence in risk-adjusted growth
Development lenders taking part in a data center project can be interpreted as a vote of confidence in the investment case and the policy alignment. In the same announcement, representatives from the participating institutions emphasized sustainability, digital infrastructure expansion, and long-term capacity-building objectives.
At a macro level, financing for data centers matters because these facilities are foundational infrastructure for cloud services, enterprise IT modernization, and increasingly AI workloads. For governments seeking to attract technology investment, the availability of reliable, scalable power and connectivity can be as decisive as software policy frameworks.
Workforce development component
Beyond construction and operations, the project announcement also references a workforce development initiative. DataVolt said it has partnered with Shirin College and launched a two-year diploma program focused on developing local talent for data center and digital infrastructure roles.
In many countries, talent pipelines become a binding constraint as data center and cloud ecosystems expand. Training and credentialing efforts can help reduce skills shortages, though the impact typically becomes clearer over multiple operating cycles rather than immediately at project close.
What to watch next
The immediate proof points for the TAS-1 project will likely include construction milestones, power and grid arrangements for the green electricity target, and customer onboarding ahead of the end-2026 readiness date.
For investors and operators watching Central Asia, this deal is notable for pairing AI-ready infrastructure with development finance structures and sustainability goals. If the project reaches its stated timeline and performance targets, it could strengthen the case for additional capacity across the region, particularly where policy objectives and financing conditions can align.
This is a reported financing update based on information provided in a company statement. Details of pricing, covenants, and final funding amounts may vary by transaction structure and are not included in the public announcement.
