Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in the region, signed agreements to invest in the privatization of two gas-fired power generation plants in the Talimarjan power complex in Uzbekistan.
The binding agreements will see Mubadala and TAQA each acquire a 40 percent stake in two gas-fired power plants with a combined capacity of 1.6 gigawatts (GW) and the assumption of associated operations and maintenance activities. The Talimarjan Issiqlik Elektr Stansiyasi (TIES) will retain the remaining 20 percent stake in each plant.
“The United Arab Emirates continues to be a leader in providing secure and sustainable energy across the world and is actively investing in markets where it can leverage its expertise to create value for all stakeholders,” Suhail Mohamed Al Mazrouei, the UAE Minister of Energy and Infrastructure, said. “The strategic partnership between the Government of Uzbekistan, TAQA and Mubadala will serve as a vehicle for collaboration for both countries and will create a path for future growth and investment opportunities.”
Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure Investments at Mubadala, said that Mubadala is focused on supporting energy transition across the world. “We are confident our partnership will contribute to Uzbekistan’s greater energy stability while preparing for a low carbon future,” Al Qubaisi said. “We look forward to working with TAQA, the Ministry of Investment and Foreign Trade and JSC Thermal Power Plants to advance the country’s energy ambitions.”
Farid Al Awlaqi, Executive Director of Generation at TAQA Group said the investment in a new country is an important step forward in the delivery of the 15GW of new international capacity the company announced as part of TAQA’s 2030 growth strategy.
“Investment alongside Mubadala in these power plants means we will become a major generator in Uzbekistan,” Al Awlaqi said. “The deal also significantly expands our operation and maintenance activity, another key part of our strategy.”
The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade, and JSC Thermal Power Plants of the Republic of Uzbekistan (JSC) relating to the proposed acquisition, development and operation of the Talimarjan Power Complex.