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.
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