The signing ceremony of deals for large investments by Mubadala and TAQA (UAE) for Talimarjan thermal power plant was held today in Tashkent, the Ministry of Investment and Foreign Trade (MIFT) said.
Ceremony was attended by the Deputy PM/Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjaev, Minister of Energy, head of National Electric Networks and Thermal Power Plants companies, the UAE Minister of Energy and Infrastructure Suhail Al Mazroui and CEOs of Mubadala and TAQA companies.
The deals provide for setting up of a joint venture that will manage the Talimarjan TPP. The investments of the Emirati companies will be directed to purchase of 80% stake in the joint venture, which is being created with a capital of $300 million, and the repayment of about $700 million of loans that were attracted by the Talimarjan TPP earlier. Thus, Emirati companies are investing almost $1 billion in Talimarjan TPP.
The next stage of cooperation will be investments by Emirati companies in additional generating capacities of the Talimarjan TPP, the MIFT emphasized.
“The active participation of foreign investors in the strategic energy industry will make it possible to replace the traditional approach to financing large infrastructure assets through external borrowing with foreign direct investment, thereby continuing to ensure the solid sustainability of the republic’s external debt and the consistent improvement of the sovereign credit rating,” the MIFT noted.
