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Mubadala Investment Company and Abu Dhabi National Energy Company (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 at 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.
The agreements were signed in the presence of Eng Suhail Mohamed AlMazrouei, UAE Minister of Energy and Infrastructure and Deputy Prime Minister of Uzbekistan Jamshid Khodjaev, Mubadala Real Estate and Infrastructure CEO Jasim Hussain Thabet and Jamshid Khodjaev, Deputy Prime Minister of the Republic of Uzbekistan Yusupov Olim, Minister of Investment and Foreign Trade and Director General of Talimarjan TPP.
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.
Eng AlMazrouei commented: “The United Arab Emirates continues to lead the world in providing secure and sustainable energy and is actively investing in markets where it can leverage its expertise to create value for all stakeholders. Government of Uzbekistan, TAQA and Muba The strategic partnership between Dara will serve as 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 committed to supporting the global energy transition. We believe that our partnership will have Helping Uzbekistan improve energy stability while preparing for a low-carbon future. We look forward to working with TAQA, the Ministry of Investment and Foreign Trade, and the JSC Thermal Power Plant to advance the country’s energy ambitions.”
Farid Al Awlaqi, Executive Director of Power Generation at TAQA Group, commented: “This significant investment in the new country is an important step forward in delivering 15GW of new international capacity as part of our announced TAQA Growth Strategy 2030.” Badala’s investment in these power plants together means that we will become a major power generator in Uzbekistan. The transaction also significantly expands our operations and maintenance activities, another key part of our strategy. Upon completion of the transaction, we will Bring the experience and expertise of our fleet of generators around the world to help these plants achieve peak 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. – TradeArabia News Service
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