JSC Thermal Power Stations Announces Foreign Investment Results for 2025

Tashkent, Uzbekistan (UzDaily.com) — JSC Thermal Power Stations is the country's principal generating company for the production of electrical and thermal energy. One of the company's key priorities remains the commissioning of new capacity and the modernization of existing facilities through the implementation of investment projects, the company's press service reports.

Prior to 2016, the total capacity of newly commissioned modern power units stood at 505 MW, representing just 5% of total installed capacity. As a result of the consistent implementation of investment programs, this figure has since grown to 6,711 MW, accounting for 51% of the operational capacity of thermal power stations.

In 2025, the investment program — comprising 18 major projects with a combined value of 3.27 billion US dollars — had an annual target of 443.2 million dollars. By year's end, actual expenditure across all sources of financing reached 583.84 million US dollars, representing 131.7% of the planned figure.

Key Projects of 2025

In the Sergeli district of Tashkent, a cogeneration project was completed in partnership with Turkish company ILTEKNO. A cogeneration unit with a capacity of 2.3 MW was installed, producing 18 million kWh of electricity and 75,000 Gcal of thermal energy per year. The facility provides heat supply to one school and 51 residential apartment buildings.

At Thermal Center No. 4 in the Yunusabad district of the capital, a 100 MW gas piston power plant was commissioned in cooperation with Chinese company CNTIC. The project involved the installation of cogeneration equipment comprising 70 MTU modules manufactured by Rolls-Royce.

As a result, 1,846 facilities — including 1,400 households — across the Yunusabad, Almazar, Shaykhantakhur, Mirzo-Ulugbek, and Yakkasaray districts now enjoy stable heat supply, while electricity supply has been stabilized for 292,000 households.

One of the year's largest projects was the commissioning of modern combined-cycle gas turbine units with a total capacity of 1,065 MW at the Talimarjan Thermal Power Station. The total cost of the project was 944.8 million US dollars, with financing provided by the Asian Development Bank, the European Bank for Reconstruction and Development, and the Reconstruction and Development Fund of the Republic of Uzbekistan. Leading companies from Spain, Japan, and Turkey participated in the project's implementation. As a result, the station is now capable of generating 8 billion kWh of electricity annually while saving 300 million cubic meters of natural gas.

International Cooperation and Credit Rating

In the course of implementing its investment projects, the company actively cooperates with international partners, including Japan's Mitsubishi Corporation and Itochu, Spain's Intecsa Ingeniería Industrial S.A., and Turkish firms Çalik Enerji, Sekerci Endustriyel Ic ve DIS TIC, Pales Mühendislik Yatirimlari San.Tic.A.Ş, and Iltekno, as well as the EBRD, the Asian Development Bank, Japan's JICA, and the China Development Bank.

In addition, international rating agency Fitch Ratings — one of the Big Three — has affirmed JSC Thermal Power Stations' international indicative rating at "BB" with a stable outlook, placing it on a par with the sovereign rating of the Republic of Uzbekistan. The assigned rating confirms the company's sound financial position, the transparency of its business strategy, and its high standard of corporate governance.