ABU DHABI, September 9, 2022 (WAM) — Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company PJSC (TAQA) are one of the largest listed integrated utility companies in the region, with two Signed a contract to invest in privatization. Gas-fired power plant of the Tarimarjan power plant in Uzbekistan.
Under the binding agreement, Mubadala and TAQA will each acquire a 40% stake in two gas-fired power plants with a combined capacity of 1.6 gigawatts (GW) and undertake related operation and maintenance activities. Talimarjan Issiqlik Elektr Stansiyasi JSC (TIES) will hold the remaining 20% stake in each plant.
The agreement was signed by Khaled Abdullah Al Qubaisi in the presence of Suhail Bin Muhammad Al Mazuroui, Minister of Energy and Infrastructure, and Jamshid Khojayev, Deputy Prime Minister of the Republic of Uzbekistan and Minister of Investment and Foreign Trade of Tashkent, Uzbekistan. signed by Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, Jamshid Khodjaev, Deputy Prime Minister and Minister of Investment, Trade and Trade of the Republic of Uzbekistan, Yusupov Olim Talimarjan, General Director of TPP JSC of.
The transaction is subject to certain precedent conditions, including obtaining applicable regulatory or other approvals. Completion of the transaction is expected in the second half of 2023.
Suhail Mohamed Al Mazrouei commented: Uzbekistan, TAQA and Mubadala will act as a vehicle for cooperation between the two countries, paving the way for future growth and investment opportunities. I would like to congratulate all parties involved in this landmark agreement. ”
Khaled Abdullah Al Qubaisi, Chief Executive Officer of Real Estate and Infrastructure Investments at Mubadala said: We are gearing up for a low-carbon future. We look forward to working with TAQA, the Ministry of Investment and Trade and JSC Thermal Power Station to advance the country’s energy ambitions. ”
Farid Al-Awlaki, Executive Director of Power Generation, TAQA Group, commented: With these power plants it means that we will become Uzbekistan’s leading generator. Once the transaction is complete, we will contribute the experience and expertise from our power generation fleet to the world to deliver the best possible performance from these plants.
“More than ever, the health, wealth and success of all countries depend on a reliable and efficient electricity supply, and we will provide it in Uzbekistan as we do in all countries where TAQA operates. I am determined to do my part.”
The deal follows a 2020 agreement between the Ministry of Investment and Trade of Uzbekistan and JSC Thermal Power Station (JSC) of the Republic of Uzbekistan for the proposed acquisition, development and operation of the Tarimarjan power plant.