UAE’s Mubadala, TAQA Group to invest in power sector in Uzbekistan

UAE’s Mubadala, TAQA Group to invest in power sector in Uzbekistan

Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company PJSC (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% 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% stake in each plant.

In the presence of Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, and Jamshid Khodjaev, Deputy Prime Minister 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.

The transaction remains subject to the satisfaction of certain conditions precedent, including obtaining any applicable regulatory or other approvals.