TAQA and Mubadala announced the acquisition of a 875 MW TPP1 gas-fired power generation plant at the Talimarjan Power Complex in Uzbekistan, TAQA said on its X page.
Reportedly, as part of this strategic investment, TAQA and Mubadala each hold a 40% stake in both the project company and the operations and maintenance (O&M) company. Remaining 20% is held by Uzbekistan’s ‘Talimarjan Issiqlik Elektr Stansiyasi’.
The transaction 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 Uzbekistan’s local power market. This acquisition also supports local development of Uzbekistan’s social infrastructure and sustainable community development.
According to open data, TPP1 was registered on March 1, 2023, with registered director being Sergey Tazin, who previously worked at power plants in Russia.
In September 2022, Uzbekistan, Mubadala and TAQA announced a joint venture that would manage the Talimarjan TPP. The volume of foreign investment will top $1 billion, $700 million of which is the repayment of loans previously attracted by the TPP.
It was then reported that Mubadala and TAQA would acquire a 40% stake each in two gas-fired power plants with a total capacity of 1.6 GW, and would also participate in their operation and maintenance. The deal was initially expected to close in the second half of 2023, after a number of preliminary conditions were met, including obtaining the necessary regulatory and other permits.
In July 2023, construction of two combined-cycle plants with a total capacity of over 1 GW commenced at the Talimarjan TPP. The launch is planned for the end of 2025. The project cost is estimated at $771.8 million.
In 2016 and 2017, two combined-cycle plants with a total capacity of 900 MW were launched at the Talimarjan TPP. The construction was carried out by the South Korean companies Daewoo and Hyundai. The first thermal power unit of the station with a capacity of 800 MW was launched in 2004.
