Mubadala and TAQA Finalize Acquisition of Talimarjan Power Plant in Uzbekistan

Tashkent: 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 successfully 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 companies also hold a 40% stake in the Talimarjan Operations and Maintenance LLC, which was established to operate the plant. Uzbekistan's JSC 'Talimarjan Issiqlik Elektr Stansiyasi' retains the remaining 20 percent stakes in both entities. According to Emirates News Agency, this transaction aligns with efforts to encourage investments into the privatization of Uzbekistan's power sector. The acquisition is a result of a strategic partnership between the Governments of Uzbekistan and the United Arab Emirates, wherein Mubadala and TAQA are set to infuse their global power sector expertise into the local market. The 875 MW TPP1 plant has a Power Purchase Agreement with JSC 'Uzenergosotish' for 25 years, playing a crucial role in meeting Uzbekistan's electricity demand amid rapid population and economic growth. Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, emphasized Mubadala's commitment to supporting global energy needs while reducing carbon emissions, highlighting the importance of efficient natural gas-fired plants like TPP1 in the transition to cleaner energy sources. Rahman expressed anticipation in collaborating with TAQA and local partner TIES to ensure reliable, affordable, and secure power supply across Uzbekistan, fostering socioeconomic development. Frank Possmeier, Chief Investment Officer, Generation at TAQA, expressed satisfaction in partnering with Mubadala and TIES in acquiring this essential asset, which is pivotal in Uzbekistan's journey towards a privatized energy sector. Possmeier underscored TAQA's dedication to leveraging its expertise to meet Uzbekistan's energy needs and contribute to the sector's growth. He highlighted that TAQA's stake in TPP1 aligns with its 2030 targets to expand power generation capacity to 150 GW, emphasizing enhanced efficiency and world-class operational standards. The acquisition of the TPP1 project marks a significant infusion of foreign investment into Uzbekistan's energy sector, supporting local development in social infrastructure and knowledge-sharing initiatives aimed at capacity building and sustainable community progress. TAQA's Generation business aims for 150 GW of gross power generation by 2030, with a substantial portion of that capacity from renewable sources through its stake in Masdar's renewable energy operations.