On September 9, Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjaev took part in the signing ceremony of investment agreements with Mubadala and TAQA (United Arab Emirates) on the modernisation of the Talimarjan power plant, the press office of the Ministry reported.
Minister of Energy and Infrastructure Suhail Al Mazrouei and the top managers of the companies attended the signing ceremony from the UAE’s side.
The documents envisage setting up a joint venture with an authorised capital of $300 million that will manage the Talimarjan power plant. Mubadala and TAQA are to invest up to 80 percent in the authorised capital of the enterprise and repay about $700 million in loans.
The companies plan to invest in additional electricity generation capacities of the power plant.
The cooperation agreements envisage modernising the Talimarjan power plant and other power plants and equipping them with state-of-the-art combined-cycle steam and gas units. This equipment consumes less natural gas and emits less carbon dioxide into the atmosphere.
Mubadala operates in more than 30 countries around the world and invests in the aerospace industry, agriculture, metalworking, information and communication technology, mining industry and utilities sector.
TAQA Energy Holding Company belongs to ADQ Holding Company and cooperates with 11 countries around the world.