The agreement establishes a roadmap for the future implementation of the transaction/Bloombergby Kudakwashe Muzoriwa
Abu Dhabi’s Mubadala Investment Company has signed an agreement with Uzbekistan’s Ministry of Investment and Foreign Trade and JSC Thermal Power Plants to privatise and develop the country’s Talimarjan Power Complex, according to local newswire WAM.
The agreement establishes a roadmap for the future implementation of the transaction which will include the acquisition, development, financing and operation of the Talimarjan Power Complex.
Mohammed Alhuraimel Alshamsi, Mubadala Utilities Director, said, ‘We are honoured to join forces with our esteemed Uzbek partners in one of the first privatisations in the conventional power generation sector in the country utilising the Independent Power Producer model.”
In March 2020, the state investor signed $10 billion worth of investment agreements with Uzbekistan across different sectors including energy, industry, infrastructure, development and agriculture.
Similarly, Mubadala-owned Masdar won a bid for a $100 million utility-scale solar planned project in Uzbekistan’s Navoi region in October last year. The 100-Megawatt project will be the Central Asian country’s first solar photovoltaic scheme developed under a public-private partnership model.
“This success sets a precedent for future private sector participation in the country and sends a positive message to the global investment community,” said Sardor Umurzakov, the Uzbek Minister of Investments and Foreign Trade.