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UAE companies to acquire stakes in Uzbekistan’s power plants

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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)

Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA) have signed agreements to invest in the privatisation of two gas-fired power generation plants in the Talimarjan power complex in Uzbekistan, WAM, the UAE state news agency, reported.

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 and maintenance activities.

The Talimarjan Issiqlik Elektr Stansiyasi will retain the remaining 20 percent stake in each plant.

The completion of the transaction is expected during the second half of 2023.

The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade and JSC Thermal Power Plants of Uzbekistan relating to the proposed acquisition, development and operation of the Talimarjan Power Complex.

Abu Dhabi Future Energy Company (Masdar) recently achieved financial close on the 500-megawatt (MW) Zarafshan wind project in Uzbekistan, WAM reported.

Last month, Saudi Arabia and Uzbekistan signed around 10 investment agreements worth over SAR45 billion ($12 billion).

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