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Abu Dhabi’s sovereign investor Mubadala and the Abu Dhabi National Energy Company (TAQA) have completed the acquisition of an 875-megawatt combined-cycle gas-fired power plant at the Talimarjan Power Complex in Uzbekistan, marking a significant step in the ongoing privatisation of the Central Asian country’s energy sector.
Each entity now holds a 40 per cent stake in the TPP1 gas-fired plant through a newly created project company, Talimarjan Power Plant 1.
Mubadala and TAQA also jointly own 40 per cent of Talimarjan Operations & Maintenance LLC, formed to operate the facility.
The remaining 20 per cent stake in both entities is held by Uzbekistan’s JSC “Talimarjan Issiqlik Elektr Stansiyasi” (TIES).
The transaction supports a broader strategic energy partnership between the governments of the United Arab Emirates and Uzbekistan, aimed at introducing global expertise into Uzbekistan’s rapidly expanding power market.
The TPP1 plant, a critical component of Uzbekistan’s electricity infrastructure, has a 25-year power purchase agreement (PPA) with JSC “Uzenergosotish” (UES), the successor to the National Electric Grid of Uzbekistan.
The plant plays a key role in meeting energy demands in a country experiencing rapid economic and population growth.
Mubadala aims to play a key role in global decarbonisation efforts
“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,” said Hammad Rahman, head of Asia Pacific infrastructure at Mubadala.
“Uzbekistan is recording a significant growth in demand for power, and Mubadala looks forward to working with TAQA and our 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,” Rahman added.
Frank Possmeier, chief investment officer, generation at TAQA, said: “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. As a low carbon power and water champion, TAQA will leverage its extensive experience and expertise to help Uzbekistan meet its growing energy needs.”
“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,” Possmeier said.
TAQA’s targets for 2030
TAQA’s generation business is targeting 150GW of gross power generation by 2030, with approximately 100 GW expected to come from renewable energy sources via its stake in Masdar.
The acquisition brings foreign direct investment into Uzbekistan’s energy sector and supports local initiatives aimed at social infrastructure development, knowledge sharing, and capacity building.
