DataVolt, a Saudi Arabia-based data center company, is developing a 12MW data center in Tashkent, the capital city of Uzbekistan.

The company announced yesterday that it had secured $150 million in project financing for the TAS-1 data center. Funders included 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.

It is unclear when this investment was received.

Back in May 2024, the Uzbek Ministry of Digital Technologies announced that the project was “fully financed through 100 percent foreign direct investment” to the tune of $150m.

DCD has reached out to DataVolt and the Uzbek Ministry of Digital Technologies for clarification.

TAS-1 broke ground back in May 2024, DataVolt has said that the facility will come online in late 2026.

According to the Uzbek Ministry of Digital Technologies, this will be built as the first phase of a larger data center project. Two additional 250MW data centers are set to be built on two 25-hectare land parcels, and the Ministry said at the time that a “foreign partner” would invest $5 billion by 2030 to fund the development of the facilities.

Beeline Uzbekistan, a subsidiary of telco Veon, may also be a “major tenant” of TAS-1, as per one of two memoranda of understanding signed with DataVolt yesterday.

The other memorandum establishes a framework to evaluate the “joint development and operation of a potential data center in Bukhara,” located in central Uzbekistan.

Memoranda of understanding are preliminary, non-binding agreements between two parties that lay out the terms of a future agreement. They are commonly used to raise the profile of a commercial transaction.

Founded in 2023, DataVolt is a wholly-owned subsidiary of Vision Invest, a Saudi Arabian development and investment holding company focused on critical infrastructure. Company CEO Nanda was previously CFO of ACWA Power, a Saudi-based developer of power generation and desalinated water production plants. Much of DataVolt’s board and executive team have joined from ACWA, which is also owned by Vision Invest.

Veon was originally founded in Russia but is now headquartered in Dubai. The company exited the Russian market in October 2023 in the wake of Russia’s invasion of Ukraine, and it currently has operations in 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 set to go live by the end of this year.