TAQA, Uzbekistan plans $3bn investment in power

Abu Dhabi National Energy Company (TAQA) will collaborate with the Government of Uzbekistan to explore investment opportunities in the country's power sector, which could be worth more than $3 billion.

These include establishing new and modernising existing power plants, as well as developing associated power infrastructure.

The implementation agreement covers proposals for a greenfield combined cycle power plant with a capacity of approximately 1.5GW. The new project is set to be developed adjacent to the existing Talimarjan power complex, where TAQA has already announced plans to invest in privatising two gas-fired power plants.

Partnership and investment in Uzbekistan's power sector

The partnership is expected to cover the design, financing, engineering, procurement, commissioning, testing, ownership and operation of the power plant by TAQA.

Another significant milestone in TAQA's international growth strategy, the agreement will also look at opportunities to invest in existing and future greenfield gas-fired power generation plants with a combined capacity of more than 3GW, and developing electricity transmission and distribution infrastructure in Uzbekistan.

The agreement was signed by Azim Akhmedkhadjaev, First Deputy Minister of Energy of Uzbekistan; Sarvar Khamidov, Deputy Minister of Investment of Uzbekistan, Industry and Trade; and Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director.

Thabet commented: "TAQA welcomes the opportunity to leverage its extensive global expertise as part of our collaboration with the Government of Uzbekistan. Working together we can accelerate the sustainable development of the country's power sector and build on the strong relationship between our two countries.

"Working closely with the country's leading ministerial agencies will allow us to expand our international portfolio, strengthening our position as a global utilities leader."

The company will support the Uzbekistan Government's reform process and will bring international best practice infrastructure development and operation in transmission and distribution.

Deputy Minister Khamidov said: "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 builds on the existing opportunities between our countries and our shared interests to invest and support a sustainable and reliable power sector."

During the same ceremony, 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 in the country.

-- AB Newsletters -- Paywall Paid AB Subscribers