Latest news with #powergeneration
Arabian Business
a day 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.
LBCI
2 days ago
- Business
- LBCI
Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 GW before 2011. Reconstructing the power sector is expected to cost around $11 billion and the new administration is betting on the private sector shouldering the burden, underlining a shift from the state-led economic policies of the Assad era. The projects will be financed through regional and international banks, in addition to capital injection from the partners, UCC Holding CEO Ramez Al Khayyat said. They are expected to create 50,000 direct and 250,000 indirect jobs during execution, the UCC Holding CEO said. Doha, one of the region's sternest opponents of Bashar al-Assad and backers of the rebels-turned rulers who replaced him, is now positioning itself to play a major role in Syria's reconstruction, along with Turkey.
Arabian Business
2 days ago
- Business
- Arabian Business
Saudi's ACWA Power eyes $10bn investment through new partnerships in Malaysia
Saudi-based ACWA Power announced the signing of a Memorandum of Understanding (MoU) and a Strategic Partnership Agreements (SPAs) with key Malaysian entities. The agreements include an MoU with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5GW of power generation capacity by 2040. With an initial investment value of up to $10 billion, the collaboration is to play a pivotal role in achieving Malaysia's goal of increasing its installed renewable energy capacity to 70 per cent by 2050. ACWA Power has also signed SPAs and Heads of Terms (HoTs) for joint development agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra. These are for conducting feasibility studies and jointly developing various energy projects relating to floating solar photovoltaic (FPV), combined cycle-gas turbine (CCGT) and large-scale water desalination to accelerate Malaysia's sustainable energy and water infrastructure development. The partnership pacts, signed during the ASEAN-GCC Summit in Kuala Lumpur, Malaysia, are aimed to create powerful synergy between Malaysia's innovative ecosystem and Saudi Arabia's energy transition expertise. Besides, they also aim to support decarbonisation efforts and establish a strategic platform for sustainable development across Southeast Asia. Marco Arcelli, Chief Executive Officer of ACWA Power, said the agreements represent a significant milestone in the company's expansion in Southeast Asia and reflect its commitment to supporting Malaysia and the broader ASEAN region's energy transition. 'By combining our global expertise in renewables, water desalination, and green hydrogen with the local knowledge of our Malaysian partners, we are not only accelerating the deployment of clean energy solutions but also fostering technology transfer, job creation, and long-term economic growth and social well-being of the local community,' he said.
Asharq Al-Awsat
2 days ago
- Business
- Asharq Al-Awsat
Syria Signs $7 billion Power Deal with Qatar's UCC Holding-led Consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria, according to Reuters. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and US envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 GW before 2011. Reconstructing the power sector is expected to cost around $11 billion and the new administration is betting on the private sector shouldering the burden, underlining a shift from the state-led economic policies of the Assad era. The projects will be financed through regional and international banks, in addition to capital injection from the partners, UCC Holding CEO Ramez Al Khayyat said. They are expected to create 50,000 direct and 250,000 indirect jobs during execution, the UCC Holding CEO said.
