Abu Dhabi’s TAQA to invest US$3 billion in Uzbekistan’s infrastructure

Staff Report

Dubai

Abu Dhabi National Energy Company, (Taqa) has signed a series of agreements with the government of Uzbekistan to explore investment in power and energy sector, worth more than US$3 billion (Dh11 billion). These include new and existing power plants as well as associated power infrastructure in the country. The agreement covers proposals for a greenfield combined cycle power plant with a capacity of approximately 1.5 gigawatts (GW).

A strategic framework agreements were signed by Azim Akhmedkhadjaev, First Deputy Minister of Energy and Sarvar Khamidov, Deputy Minister of Investment, Industry and Trade and Jasim Husain Thabet, Taqa’s Group Chief Executive Officer and Managing Director during the 32nd Annual Meeting of the EBRD Board of Governors held in Uzbekistan’s historic Samarkand city on May 16-18.

The new project is set to be developed adjacent to the existing Talimarjan power complex where Taqa has already announced plans to invest in two gas-fired power plants. The new partnership is expected to cover the design, financing, engineering, procurement, commissioning, testing, ownership and operation of the power plant by Taqa.

‘‘Working together we can accelerate the sustainable development of the country’s power sector and build on the strong relationship between our two countries, The deal will help Taqa in expanding its international portfolio and “strengthening our position as a global utilities leader.’’ said Jasim Husain Thabet, Taqa’s group chief executive and managing director.

Uzbekistan is pushing to improve its energy and power generation sectors, harnessing its natural resources and seeking investments from overseas. The country’s estimated power generating capacity is currently 15.9 GW, with thermal power plants (TPPs) making up 88 percent or 14.0 GW, and hydropower plants (HPPs) making up the remaining 12 percent or 1.9 GW.

The agreements are also looking at opportunities to invest in existing and further greenfield gas-fired power generation plants with a combined capacity of more than 3GW along with electricity transmission and distribution infrastructure in Uzbekistan. 

“The Uzbekistan Government is pleased to collaborate with our partners Taqa once again on these important power and infrastructure projects. This partnership and the pipeline of projects build on the existing opportunities between our countries and our shared interests to invest and support a sustainable and reliable power sector.  We look forward to working with Taqa to advance Uzbekistan’s transformation.” Deputy Minister of Investment, Industry and Trade, Sarvar Khamidov, Ministry of Investment, Industry and Trade, said.

At the same signing ceremony, Abu Dhabi Future Energy Company, Masdar, a joint venture owned by Taqa, ADNOC and Mubadala signed a joint development agreement (JDA) with Uzbekistan’s Ministry of Energy (MoE) and the Ministry of Investments, Industry and Trade (MIIT) to develop over 2GW of solar and wind projects and 500 megawatt-hours of battery energy storage at multiple sites across the country.

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