Aksa Enerji plans 3 Uzbek grid deals. What this means for Aksa Enerji stock

Published on 10/19/2026 at 01:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aksa Enerji plans 3 Uzbek grid agreements after October 16 talks. For Aksa Enerji stock, Uzbekistan has USD 750 million in power plants already.

Uzbek expansion and operating targets

Aksa Enerji planned agreements covering 3 Uzbek regions after talks on October 16, 2026.
The company targets 6,200 MW of capacity and USD 841 million of EBITDA in 2029.
First-half 2026 EBITDA reached TRY 7.3 billion with a 36.00 percent margin.

Aksa Enerji, TREAKEN00011, Illustration mit AI erstellt.

Aksa Enerji (TREAKEN00011) plans agreements covering 3 Uzbek regions after talks on October 16, 2026, according to UzDaily.uz. The company has already built 4 power plants in Uzbekistan at a total cost of USD 750 million, giving the proposed network-management projects an established operating base.

Why Uzbekistan matters

The proposed agreements would extend Aksa Enerji's role from power generation into electricity and gas distribution in Tashkent, Jizzakh and Syrdarya. The stated objectives are to modernize distribution infrastructure, reduce electricity losses and lower supply costs, while the planned signing window is one week after the October 16 talks.

What does expansion add?

The immediate opportunity is infrastructure management rather than asset ownership. Under the earlier Samarkand public-private partnership, the networks remain state-owned, while the private partner manages and modernizes them under a 30-year agreement. The Samarkand program includes up to USD 1 billion of investment, with at least USD 350 million required during its first 10 years, according to UzDaily.uz.

Three milestones frame the plan

Aksa Enerji's recent sequence shows how the latest proposal fits its wider expansion. On September 30, 2026, management presented a 2029 target of 6,200 MW of installed capacity and USD 841 million of EBITDA, compared with 3,700 MW of capacity at the time, according to Haberler.com. On October 7, 2026, the company revised its remuneration policy for presentation at the 2026 annual meeting, according to Borsacoo. The October 16, 2026 Uzbekistan talks then added 3 more regional networks to the expansion agenda.

Operating targets carry the debate

For investors, the key counterweight to the growth narrative is execution across a capital-intensive portfolio. Aksa Enerji reported TRY 7.3 billion of EBITDA and a 36.00 percent EBITDA margin for the first half of 2026, while targeting a 42.00 percent margin in 2029, according to Haberler.com. The stated plan combines 1,500 MW of foreign revenue-guaranteed projects with 1,000 MW of renewable investments in Turkey.

Expansion remains the central question

The proposed Uzbek agreements would broaden Aksa Enerji's infrastructure role, but their value depends on signing, financing and delivery. The company enters that process with 4 Uzbek power plants, a 30-year Samarkand framework and quantified 2029 operating targets.