Mubadala and TAQA will invest in the modernization of Talimarjon IES

On September 9, 2022, a signing ceremony was held in Tashkent city of the United Arab Emirates Mubadala and TAQA companies to make large-scale investments in the Talimarjon TPP. Implementation of the agreements will allow modernization and capacity expansion of the largest power plant of Uzbekistan.

The ceremony was attended by the UAE Minister of Energy and Infrastructure Suheil Al-Mazrui and the heads of Mubadala and TAQA companies, and by Uzbekistan, the Deputy Prime Minister - Minister of Investments and Foreign Trade Jamshid Khodjaev, the Ministry of Energy, "National Electric Networks" and "Thermal Power Stations" "leaders of joint-stock companies participated.

The signed agreements provide for the establishment of a joint venture that will manage the Talimarjon thermal power plant. Investments of UAE companies consist of payment for 80 percent share in the joint venture's authorized capital of 300 million dollars and funds directed to repayment of approximately 700 million dollars of loans previously attracted by "Talimarjon IES" JSC. Thus, UAE companies are investing almost 1 billion dollars in Talimarjon IES.

The signed agreements provide an opportunity for UAE companies to make additional investments in the expansion of their production capacity by equipping the Talimarjon TPP and other thermal power plants with the most modern steam-gas devices of the combined cycle of electricity generation.

Within the framework of the next stage of cooperation, UAE companies will invest in the creation of additional production capacities at Talimarjon IES JSC.