Mubadala and TAQA complete purchase of power plant in Uzbekistan
Mubadala, the Abu Dhabi sovereign investor, and Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the world, have completed the acquisition of a gas-fired power generation plant at the Talimarjan Power Complex in Uzbekistan.
Mubadala and TAQA each hold a 40 per cent stake in the 875MW TPP1 combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant 1 LLC (TPP1). Both Abu Dhabi companies also hold a 40 per cent stake in the Talimarjan Operations & Maintenance (O&M), which was established to operate the plant.
Uzbekistan's JSC 'Talimarjan Issiqlik Elektr Stansiyasi (TIES) holds the remaining 20 per cent stakes in both the project company and the O&M entity.
Uzbekistan is privatising its power sector, and Abu Dhabi's investment follows a strategic partnership between the Governments of Uzbekistan and the United Arab Emirates. Mubadala and TAQA will bring their global power sector expertise to the local power market in the country.
The plant has a Power Purchase Agreement (PPA) with JSC 'Uzenergosotish' (UES) for 25 years and is expected to play a critical role in meeting the demand for electricity in the country as Uzbekistan continues to experience rapid population and economic growth.
Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, commented: 'Mubadala is committed to supporting countries across the world to meet their energy needs while reducing carbon emissions. Efficient natural gas-fired powered plants such as TPP1 will play an important part in enabling the transition to cleaner sources of energy.
'Uzbekistan is recording a significant growth in demand for power, and Mubadala looks forward to working with TAQA and our local partner TIES to ensure communities and businesses across the country have access to reliable, affordable and secure power supply that supports progress and socio-economic development.'
Frank Possmeier, Chief Investment Officer, Generation at TAQA, added: 'TAQA is pleased to collaborate with Mubadala and TIES in acquiring this vital asset that plays a crucial role in Uzbekistan's journey towards a privatised energy sector. As a low-carbon power and water champion, TAQA will leverage its extensive experience and expertise to help Uzbekistan meet its growing energy needs while continuing to invest in this critical sector.
'Our stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150GW and strengthens our operation and maintenance capabilities which is also a pivotal element of our strategy. We are committed to enhancing efficiency and ensuring TPP1 runs as a world-class power plant as part of our expanding portfolio.'
TAQA's Generation business is targeting 150GW of gross power generation by 2030, with around two-third of that capacity coming from renewable power sources through its leading stake in Masdar's renewable energy operations.
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