Saudi Arabia-based data center company DataVolt is developing a 12MW data center in Tashkent, the capital of Uzbekistan, as part of a project known as TAS-1.
The company announced that it had secured $150 million in project financing for the data center. The funding was provided by several international development finance institutions, including the German Investment and Development Company, the European Bank for Reconstruction and Development, the OPEC Fund for International Development, and French development finance institution Proparco.
$150 Million Financing for TAS-1 Data Center
It remains unclear when the financing was received. In May 2024, Uzbekistan’s Ministry of Digital Technologies said the project was fully financed through 100% foreign direct investment worth $150 million.
Construction work on the TAS-1 data center began in May 2024, and DataVolt has said the facility is expected to come online in late 2026.
The project comes as Uzbekistan works to strengthen its digital infrastructure and attract foreign investment into the data center sector amid growing regional demand for cloud computing, data storage and digital services.
First Phase of a Larger Data Center Project
According to Uzbekistan’s Ministry of Digital Technologies, TAS-1 will be developed as the first phase of a larger data center project in the country.
The wider plan includes two additional 250MW data centers, which are set to be built on two 25-hectare land plots.
The ministry previously said that a foreign partner would invest $5 billion by 2030 to support the development of these facilities.
Beeline Uzbekistan May Become a Major Tenant
Beeline Uzbekistan, a subsidiary of telecoms company Veon, may become a major tenant of the TAS-1 data center under one of two memoranda of understanding signed with DataVolt.
The second memorandum establishes a framework to evaluate the joint development and operation of a potential data center in Bukhara, a city located in central Uzbekistan.
Memoranda of understanding are preliminary, non-binding agreements that outline the terms of a potential future agreement. They are often used to define the framework for future commercial cooperation.
DataVolt Expands Its Digital Infrastructure Presence
Founded in 2023, DataVolt is a wholly owned subsidiary of Vision Invest, a Saudi Arabian development and investment holding company focused on critical infrastructure.
DataVolt is led by CEO Rajit Nanda, who previously served as CFO of ACWA Power, the Saudi-based developer of power generation and desalinated water production plants.
Several members of DataVolt’s board and executive team also previously worked at ACWA Power, which is also owned by Vision Invest.
Veon’s Role in Central Asian Markets
Veon was originally founded in Russia but is now headquartered in Dubai. The company exited the Russian market in October 2023 following Russia’s invasion of Ukraine.
The group currently operates in several markets, including Bangladesh, Kazakhstan, Pakistan, Ukraine and Uzbekistan.
In December 2025, Beeline Kazakhstan, Veon’s subsidiary in Kazakhstan, started construction on a 2MW data center in Almaty, which is expected to go live by the end of 2026.
Uzbekistan Attracts Data Center Investment
DataVolt’s project in Tashkent reflects growing Saudi interest in investing in digital infrastructure beyond the Kingdom, particularly in emerging markets seeking to expand their data center and cloud capabilities.
The project also highlights the increasing role of Saudi capital in supporting international technology and critical infrastructure projects, as data centers become a key pillar of the digital economy.
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