Abu Dhabi’s Mubadala Investment Company and Abu Dhabi National Energy Company (TAQA) have finalised the acquisition of an 875-megawatt combined-cycle gas-fired power plant at the Talimarjan Power Complex in Uzbekistan.
Each entity holds a 40% stake in the facility through the newly established Talimarjan Power Plant 1 LLC, with the remaining 20% retained by Uzbekistan’s state-owned JSC Talimarjan Issiqlik Elektr Stansiyasi (TIES). The joint venture also includes Talimarjan Operations and Maintenance LLC, which is responsible for the plant’s operations.
The plant operates under a 25-year Power Purchase Agreement with JSC Uzenergosotish, Uzbekistan’s state electricity buyer. This acquisition aligns with Uzbekistan’s efforts to privatise its energy sector and attract foreign investment.
Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, stated, “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.”
Frank Possmeier, Chief Investment Officer of 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.”
TAQA aims to expand its power generation capacity to 150 gigawatts by 2030, with approximately 100 gigawatts from renewable sources, through its stake in Masdar’s renewable energy operations.
The Talimarjan Power Complex is a key component of Uzbekistan’s energy infrastructure, with plans to increase its capacity to 2,600 megawatts to meet growing electricity demand.
