Abu Dhabi National Energy Company: Mubadala and TAQA Group invest in Uzbekistan’s power sector

Mubadala and TAQA Group to invest in Uzbekistan’s power sector

Abu Dhabi, UAE – September 10, 2022: Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, signed an agreement to invest in the privatization of two gas-fired power plants in the Talimarjan Power Complex in Uzbekistan.

The binding agreement 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 undertake related operations and maintenance activities. Talimarjan Issiqlik Elektr Stansiyasi JSC (TIES) will retain the remaining 20% ​​of each factory.

In the presence of Lord Eng. The agreements were signed by Suhail Mohamed AlMazrouei, Minister of Energy and Infrastructure of the United Arab Emirates, and Jamshid Khodjaev, Deputy Prime Minister of the Republic of Uzbekistan, Jasim Hussain Thabet, CEO and Managing Director of Mubadala Real Estate and Infrastructure, TAQA Group; JSC.

The transaction is still subject to certain conditions precedent, including obtaining any applicable regulatory or other approvals. The transaction is expected to close in the second half of 2023.

Your Excellency Engineer. Suhail Mohamed AlMazrouei, Minister of Energy and Infrastructure of the United Arab Emirates, Commented: “The United Arab Emirates continues to lead the world in providing safe and sustainable energy and actively invests in markets where its expertise can be used to create value for all stakeholders. A strategic partnership between the Government of Uzbekistan and TAQA Relations “Mubadala will be a vehicle for cooperation between the two countries and will open the way for future growth and investment opportunities. I would like to congratulate all parties involved in this landmark agreement. ”

Khaled Abdulla Al Qubaisi, CEO of Mubadala Real Estate and Infrastructure Investments said: “As a responsible global investor, Mubadala is focused on supporting the global energy transition. We believe that our partnership will help Uzbekistan improve energy stability while preparing for a low-carbon future. We Looking forward to working with Uzbekistan’s Ministry of Energy TAQA. Investments and foreign trade as well as the JSC thermal power plant to advance the country’s energy ambitions.”

Farid Al Awlaqi, Executive Director, Power Generation, TAQA Groupcommented: “This significant investment in a new country is a major step forward in delivering 15GW of new international capacity as part of our announced TAQA 2030 growth strategy. Investing in these generation alongside Mubadala The plant means we will be the main power generator in Uzbekistan. The deal also significantly expands our operations and maintenance activities, another key part of our strategy. Once the deal is complete, we will bring our The experience and expertise of a fleet of generators to help these plants achieve optimum performance.

“Now more than ever, the health, wealth and success of every country depends on a reliable and efficient supply of electricity, and we are determined to play our part in Uzbekistan, just as we do in every country where TAQA operates. do that.”

These agreements follow the 2020 agreement with the Ministry of Investment and Foreign Trade of Uzbekistan and the Thermal Power Plant (JSC) of the Republic of Uzbekistan on the proposed acquisition, development and operation of the Talimarjan Power Complex.