Abu Dhabi Firms Cement Stake in Uzbekistan's Power Sector
Greenlogue/AP
Abu Dhabi's sovereign investor Mubadala and the Abu Dhabi National Energy Company have finalised the acquisition of an 875-megawatt combined-cycle gas-fired power plant at the Talimarjan Power Complex in Uzbekistan, marking a significant step in the ongoing privatisation of the Central Asian country's energy sector.
Each entity now holds a 40 per cent stake in the TPP1 gas-fired plant through a newly created project company, Talimarjan Power Plant 1. Mubadala and TAQA also jointly own 40 per cent of Talimarjan Operations & Maintenance LLC, formed to operate the facility. The remaining 20 per cent stake in both entities is held by Uzbekistan's JSC 'Talimarjan Issiqlik Elektr Stansiyasi' .
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The TPP1 plant operates under a 25-year power purchase agreement with JSC 'Uzenergosotish' , the successor to the National Electric Grid of Uzbekistan. This agreement ensures a stable demand for the plant's output, which is crucial as Uzbekistan experiences rapid economic and population growth, leading to increased energy consumption.
Mubadala's Head of Asia Pacific Infrastructure, Hammad Rahman, emphasised the company's commitment to supporting countries in meeting their energy needs while reducing carbon emissions. He noted that efficient natural gas-fired power plants like TPP1 play an important role in transitioning to cleaner energy sources. Rahman expressed confidence in the collaboration with TAQA and TIES to ensure reliable, affordable, and secure power supply across Uzbekistan, supporting socioeconomic development.
Frank Possmeier, Chief Investment Officer of Generation at TAQA, highlighted the significance of the acquisition in Uzbekistan's journey towards a privatised energy sector. He stated that TAQA would leverage its extensive experience to help Uzbekistan meet its growing energy needs. Possmeier also mentioned that the stake in TPP1 aligns with TAQA's 2030 targets, aiming to grow its power generation capacity to 150 gigawatts, with a significant portion derived from renewable energy sources.
The acquisition brings direct foreign investment into Uzbekistan's energy sector and is expected to foster local development through social infrastructure and knowledge-sharing initiatives aimed at capacity building and sustainable community development. It also reflects the broader strategic energy partnership between the governments of the United Arab Emirates and Uzbekistan, aimed at introducing global expertise into Uzbekistan's rapidly expanding power market.
Uzbekistan's government has been actively pursuing the privatisation of its energy sector to attract foreign investment and modernise its infrastructure. The collaboration with Mubadala and TAQA is part of this broader initiative, which includes plans to increase the share of renewable energy in the country's electricity supply to 25 per cent by 2030. The involvement of experienced international partners is seen as a way to accelerate these goals and ensure the successful implementation of energy projects.
The Talimarjan Power Complex, located in the Kashkadarya region, is a critical component of Uzbekistan's electricity infrastructure. The TPP1 plant's integration into the complex enhances its capacity to meet the country's growing energy demands. The strategic location and advanced technology of the plant are expected to contribute significantly to the stability and efficiency of Uzbekistan's power supply.
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