Abu Dhabi - Mubasher: Mubadala Investment Company and Abu Dhabi National Energy Company (TAQA) sealed agreements to invest in the Talimarjan power complex in Uzbekistan.

Under the binding deals, each of Mubadala and TAQA will acquire 40% equity in two gas-fired power plants with a combined capacity of 1.6 gigawatts (GW), according to a press release.

Meanwhile, the Talimarjan Issiqlik Elektr Stansiyasi (TIES) will hold the remaining 20% stake in each plant.

Subject to certain conditions and obtaining regulatory approvals, the transaction is expected to take place during the second half (H2) of 2023.

Suhail Mohamed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, stated: “The strategic partnership between the government of Uzbekistan, TAQA, and Mubadala will serve as a vehicle for collaboration for both countries and will create a path for future growth and investment opportunities.”

Farid Al Awlaqi, Executive Director of Generation at TAQA Group, noted: “This major investment in a new country is an important step forward in the delivery of the 15 GW of new international capacity we announced as part of TAQA’s 2030 growth strategy.”

Al Awlaqi added: “The deal also significantly expands our operation and maintenance activity, another key part of our strategy.”

In the first six months (6M) of 2022, the net profits attributable to the equityholders of TAQA jumped to AED 4.28 billion from AED 2.85 billion in the year-ago period.