One of the biggest listed integrated utility firms in the area, Taqa, and Mubadala Investment Company (Mubadala) have inked agreements to privatize two gas-fired power generation stations 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 per cent stakeper centin each plant.
In the presence of Suhail bin Mohammed Al Mazrouei, UAE 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.
Al Mazrouei said: “The UAE continues to be a leader in providing secure and sustainable energy worldwide 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. They will create a path for future growth and investment opportunities. I would like to congratulate all parties involved in this milestone agreement.”
The transaction remains subject to the satisfaction of certain conditions precedent, including obtaining any applicable regulatory or other approvals. Completion of this transaction is expected to occur during the second half of 2023.
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. 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.”
“Now more than ever the health, wealth and success of every nation depends on reliable, efficient supplies of electricity and we are determined to play our part in providing that in Uzbekistan as we do in every country where Taqa operates.”
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.
Farid Al Awlaqi, Executive-Director of Generation at Taqa Group stated : Together with Mubadala, we will invest in these power plants, making us a major generator in Uzbekistan. The deal also significantly expands our operation and maintenance activity, another crucial component of our strategy.
