Mubadala and Taqa complete acquisition of plant in Uzbekistan

Mubadala and Taqa each hold a 40 per cent stake in the gas-fired plant through a newly established project company, Talimarjan Power Plant I LLC

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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 per cent stake in the 875 MW TPPI combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant I 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 per cent 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 TPPI 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.