GSU from the UAE Acquires Controlling Stake in Yashil Energiya

Tashkent, Uzbekistan (UzDaily.com) — The UAE-based company Global South Utilities (GSU) has acquired a controlling 51% stake in the Uzbek company Yashil Energiya, WAM reports.

In Tashkent, Uzbekistan’s Minister of Energy, Jurabek Mirzamahmudov, met with GSU’s CEO Ali Al Shimmari and Masdar’s General Manager Maddi Niraj Kumar. The parties discussed the implementation of initiatives set by President Shavkat Mirziyoyev at the Abu Dhabi summit, including projects in the field of green energy. As of now, the country’s solar and wind power plants have generated over 8 billion kWh.

To expand the share of small-scale renewable energy sources, agreements were signed with GSU. The company will invest US$27 million in Yashil Energiya LLC, which will install and operate renewable energy systems on buildings of social facilities, government agencies, and other organizations. Additionally, GSU plans to accelerate projects for constructing small solar and hydroelectric power plants, as well as fast-charging stations for electric vehicles.

According to WAM, acquiring a controlling stake in Yashil Energiya marks GSU’s first deal in the renewable energy sector in Central Asia and the CIS. The transaction includes GSU’s representation on the board of directors and was structured through a capital increase while preserving the shares of existing shareholders. Currently, Yashil Energiya manages solar projects with a total capacity of 50 MW and plans to expand its portfolio by several tens of megawatts.

Ali Al Shimmari emphasized that GSU’s entry into the Uzbek market aims to establish long-term partnerships aligned with the country’s renewable energy goals. “Yashil Energiya has demonstrated a high level of expertise in distributed solar energy, and together we will implement projects that support businesses, local communities, and the country’s energy transition,” he said.

Energy Minister and Chairman of Yashil Energiya, Jurabek Mirzamahmudov, stated that the partnership with GSU will be an important step in accelerating solar energy deployment in Uzbekistan.

Yashil Energiya was established by presidential decree on 16 February 2023 and specializes in installing small-scale renewable energy systems on buildings of social facilities and government agencies. Its founders include seven legal entities, among them investment companies of leading Uzbek banks, as well as Turonbank and the Business Development Bank. The company has the right to use designated parts of government buildings under lease agreements after installing renewable energy systems, conclude direct equipment procurement contracts, and provide maintenance services for the installations.

According to the company’s website, GSU operates in the energy and water supply sectors across two continents, has more than 400 MW of renewable capacity in operation and under development, and specializes in electricity generation from renewable sources, water supply, and municipal infrastructure management.