UAE’s Mubadala & TAQA to acquire two gas-fired power plants in Uzbekistan

By Arya M Nair, Official Reporter
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Officials from Mubadala, TAQA & Uzbekistan delegation at agreement signing ceremony

Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA), have 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 agreements were signed by Mr. Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure at Mubadala, Mr. Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, and Mr. Jamshid Khodjaev, Deputy Prime-Minister of the Republic of Uzbekistan and Minister of Investments and Foreign Trade and Mr. Yusupov Olim, General Director of Talimarjan TPP.

Suhail bin Mohammed Al Mazrouei
Suhail bin Mohammed Al Mazrouei
Minister of Energy & Infrastructure

“The UAE 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. 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. I would like to congratulate all parties involved in this milestone agreement.”

Mr. Al Qubaisi said that “As a global and responsible investor, 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. 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.”

Commenting on the agreement, Mr. Farid Al Awlaqi, Executive Director of Generation at TAQA Group, said that “This major investment in a new country is an important step forward in the delivery of the 15GW of new international capacity we 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.”

Related: UAE’s Mubadala Petroleum unveils its new brand name ‘Mubadala Energy’