Mubadala and TAQA Group to invest in power sector in Uzbekistan

Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA) signed agreements to invest in the privatisation 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 & maintenance activities. The Talimarjan Issiqlik Elektr Stansiyasi JSC (TIES) will retain the remaining 20 percent stake in each plant.

The deal remains subject to certain conditions, including obtaining any applicable regulatory or other approvals. Completion of this transaction is expected to occur during the second half of 2023.

His Excellency Eng. Suhail Mohamed AlMazrouei, Minister of Energy & Infrastructure of the United Arab Emirates, commented: “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. 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: “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.”

Farid Al Awlaqi, Executive Director of Generation at TAQA Group, commented: “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. The deal also significantly expands our operation and maintenance activity, another key part of our strategy.”

The deal was signed in the presence of His Excellency Eng. Suhail Mohamed AlMazrouei, Minister of Energy & Infrastructure of the United Arab Emirates and Jamshid Khodjaev, Deputy PrimeMinister of the Republic of Uzbekistan and Minister of Investments and Foreign Trade in Tashkent, Uzbekistan, the agreements were signed by Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate & Infrastructure at Mubadala, Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, and Jamshid Khodjaev, Deputy Prime-Minister of the Republic of Uzbekistan and Minister of Investments and Foreign Trade and Yusupov Olim, General Director of Talimarjan TPP JSC.