Latest news with #Talimarjan
Trade Arabia
5 hours ago
- Business
- Trade Arabia
Mubadala, Taqa complete acquisition of 875MW Uzbek power plant
Abu Dhabi sovereign investor Mubadala has announced that it has teamed up with Abu Dhabi National Energy Company (Taqa) for acquiring a gas-fired power generation plant at the Talimarjan Power Complex in Uzbekistan. Mubadala and Taqa each hold a 40% stake in the 875 MW TPP1 combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant 1. The 875 MW TPP1 plant has a Power Purchase Agreement (PPA) with JSC 'Uzenergosotish' (UES) (successor power purchaser to National Electric Grid of Uzbekistan (JSC) for 25 years and plays a critical part in meeting demand for electricity in Uzbekistan as the country continues to experience rapid population and economic growth. Both Mubadala and Taqa each have a 40% stake in the Talimarjan Operations & Maintenance (O&M), which was established to operate the plant, while Uzbekistan's 'Talimarjan Issiqlik Elektr Stansiyasi' (TIES) holds the remaining 20% stakes in both the project company and the O&M entity. Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, said: "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." He pointed out that Uzbekistan was recording a significant growth in demand for power, and Mubadala looked forward to working with Taqa and its local partner TIES to ensure communities and businesses across the country have access to reliable, affordable and secure power supply that supports progress and socioeconomic development. Frank Possmeier, Chief Investment Officer, Generation at Taqa, said: "We are 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." This transaction supports investments into the privatisation of Uzbekistan's power sector. It follows a strategic partnership between the governments of Uzbekistan and the UAE whereby Mubadala and Taqa will bring their global power sector expertise to the local power market in Uzbekistan. "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," he stated. "Our stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150 GW 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 as we continue to provide power to the communities we serve," he added.
Arabian Business
2 days ago
- Business
- Arabian Business
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.
Gulf Business
3 days ago
- Business
- Gulf Business
Mubadala, TAQA acquire 875MW gas-fired power plant in Uzbekistan
Image: Getty Images Abu Dhabi's sovereign investor Mubadala and the Abu Dhabi National Energy Company ( 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' (TIES). The transaction supports a 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. The TPP1 plant, a critical component of Uzbekistan's electricity infrastructure, has a 25-year power purchase agreement (PPA) with JSC 'Uzenergosotish' (UES), the successor to the National Electric Grid of Uzbekistan. The plant plays a key role in meeting energy demands in a country experiencing rapid economic and population growth. Mubadala aims to play a key role in global decarbonisation efforts 'Mubadala is committed to supporting '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 socioeconomic development,' Rahman added. Image courtesy: WAM Frank Possmeier, chief investment officer, generation at TAQA, said: '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.' 'Our stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150 GW and strengthens our operation and maintenance capabilities which is also a pivotal element of our strategy,' Possmeier said. TAQA's targets for 2030 TAQA's generation business is targeting 150GW of gross power generation by 2030, with approximately 100 GW expected to come from renewable energy sources via its stake in Masdar. The acquisition brings foreign direct investment into Uzbekistan's energy sector and supports local initiatives aimed at social infrastructure development, knowledge sharing, and capacity building.
Zawya
3 days ago
- Business
- Zawya
Mubadala, TAQA complete transaction for purchase of power plant in Uzbekistan
ABU DHABI - Mubadala, the Abu Dhabi sovereign investor, and Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in Europe, the Middle East and Africa, 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 percent stake in the 875 MW TPP1 combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant 1 LLC. Both TAQA and Mubadala also hold a 40% stake in the Talimarjan Operations & Maintenance LLC (O&M), which was established to operate the plant. Uzbekistan's JSC 'Talimarjan Issiqlik Elektr Stansiyasi' (TIES) holds the remaining 20 percent stakes in both the project company and the O&M entity. This transaction supports investments into the privatisation of Uzbekistan's power sector. It follows a strategic partnership between the Governments of Uzbekistan and the United Arab Emirates whereby Mubadala and TAQA will bring their global power sector expertise to the local power market in Uzbekistan. The 875 MW TPP1 plant has a Power Purchase Agreement (PPA) with JSC 'Uzenergosotish' (UES) (successor power purchaser to JSC 'National Electric Grid of Uzbekistan') for 25 years and plays a critical part in meeting demand for electricity in Uzbekistan as the country continues to experience rapid population and economic growth. Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, said, '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 socioeconomic development.' Frank Possmeier, Chief Investment Officer, Generation at TAQA, said, '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 150 GW 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 as we continue to provide power to the communities we serve.' The acquisition of the TPP1 project brings direct foreign investment into Uzbekistan's thriving energy sector and will also support local development of social infrastructure and knowledge sharing initiatives aimed at capacity building and sustainable community development. TAQA's Generation business is targeting 150 GW of gross power generation by 2030, with around 100 GW of that capacity coming from renewable power sources through its leading stake in Masdar's renewable energy operations.
