Mubadala, the sovereign investor from Abu Dhabi, and Abu Dhabi National Energy Company (TAQA), recognized as one of the largest listed integrated utilities in Europe, the Middle East, and Africa, have finalized the acquisition of a gas-fired power generation facility at the Talimarjan Power Complex in Uzbekistan.
Both Mubadala and TAQA possess a 40 percent share in the 875 MW TPP1 combined-cycle gas-fired plant through a newly formed project entity, Talimarjan Power Plant 1 LLC. Additionally, they each hold a 40 percent interest in Talimarjan Operations & Maintenance LLC (O&M), which was created to oversee the operation of the plant.
The remaining 20 percent stakes in both the project company and the O&M entity are held by Uzbekistan’s JSC “Talimarjan Issiqlik Elektr Stansiyasi” (TIES). This transaction is pivotal in advancing investments into the privatization of Uzbekistan’s energy sector. It follows a strategic partnership between the governments of Uzbekistan and the United Arab Emirates, under which Mubadala and TAQA will contribute their global expertise in the power sector to enhance the local energy market in Uzbekistan.
Meeting growing energy demand
The 875 MW TPP1 plant has secured a Power Purchase Agreement (PPA) with JSC “Uzenergosotish” (UES), the successor power purchaser to JSC “National Electric Grid of Uzbekistan,” for a duration of 25 years. This plant plays a critical role in satisfying the growing demand for electricity in Uzbekistan as the nation experiences rapid population and economic development.
Hammad Rahman, head of Asia Pacific Infrastructure at Mubadala, stated, “Mubadala is committed to supporting countries across the world to meet their energy needs while reducing carbon emissions. Efficient natural gas-fired powered plants such as TPP1 will play an important part in enabling the transition to cleaner sources of energy. Uzbekistan is recording a significant growth in demand for power, and Mubadala looks forward to working with TAQA and our local partner TIES to ensure communities and businesses across the country have access to reliable, affordable, and secure power supply that supports progress and socioeconomic development.”
Read more: Abu Dhabi’s TAQA Group posts revenue of $3.9 billion for Q1 2025, up 3.8 percent YoY
Commitment to low carbon energy
Frank Possmeier, chief investment officer, Generation at TAQA, remarked, “TAQA is pleased to collaborate with Mubadala and TIES in acquiring this vital asset that plays a crucial role in Uzbekistan’s journey towards a privatized energy sector. As a low carbon power and water champion, TAQA will leverage its extensive experience and expertise to help Uzbekistan meet its growing energy needs while continuing to invest in this critical sector. Our stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150 GW and strengthens our operation and maintenance capabilities which is also a pivotal element of our strategy. We are committed to enhancing efficiency and ensuring TPP1 runs as a world-class power plant as part of our expanding portfolio as we continue to provide power to the communities we serve.”
The acquisition of the TPP1 project brings direct foreign investment into Uzbekistan’s flourishing energy sector and will also foster local development of social infrastructure and knowledge-sharing initiatives aimed at capacity building and sustainable community development. TAQA’s Generation business is targeting 150 GW of gross power generation by 2030, with approximately 100 GW of that capacity derived from renewable energy sources through its leading stake in Masdar’s renewable energy operations.
