Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, has entered into an implementation agreement of a new power initiative with the government of Uzbekistan.
Mubadala signed the agreement with the Ministry of Investment and Foreign Trade, and JSC Thermal Power Plants of the Republic of Uzbekistan.
The agreement establishes a roadmap for the future implementation of the transaction which will include the acquisition, development, financing and operation of the Talimarjan Power Complex.
“We are confident that this historic partnership will contribute to the growth of the region and help to create expertise in the development of the country's energy industry. This success sets a precedent for future private sector participation in the country and sends a positive message to the global investment community,” said Sardor Umurzakov, the Uzbekistan Minister of Investments and Foreign Trade.
Khaled Al Qubaisi, CEO Aerospace, Renewables & ICT at Mubadala said: “This transaction is a testament to Mubadala’s strategic and technical capabilities in the utilities sector. We are honored to join forces with our esteemed Uzbek partners in one of the first privatizations in the conventional power generation sector in The Republic of Uzbekistan utilizing the Independent Power Producer (IPP) model, and we hope this is the first of many partnerships with the Republic.”
“With the continuing rapid growth and development of the economy of the Republic of Uzbekistan, and as part of the governmental process of attracting foreign investors, The Talimarjan Power Complex expansion, which will address the Country’s growing power needs, will lay the foundation for further implementation of efficient energy production and distribution solutions in Uzbekistan. We look forward to working with Mubadala and building on this partnership in the future,” said Shukhrat Vafaev, the Deputy Minister of Ministry of Investment and Foreign Trade.
Commenting on the agreement, Mohammed Alhuraimel Alshamsi, Utlilites Director, Mubadala said: “The Talimarjan Power Complex comprises of 1.7 GW of existing gas-fired conventional power, with a plan to further expand the complex to accommodate the growing power demand of the nation. Mubadala is proud to partner with the Ministry of Investment and Foreign Trade and JSC Thermal Power Plants on this strategic project, and we are committed to continued open and transparent stakeholder engagement throughout the implementation phase. We see this as the first step in a long and prosperous partnership with The Republic of Uzbekistan.”