Mubadala Investment Holding and its division Masdar invest in the energy sector of Uzbekistan
18/01/2020 14:20
Mubadala Investment Holding and its division Masdar invest in the energy sector of Uzbekistan
18/01/2020 14:20
Tashkent, Uzbekistan (UzDaily.com) – On 18 January, the Ministry of Investment and Foreign Trade signed an Agreement on the implementation of a project to build a 400 MW wind farm in Navoi region of the Republic of Uzbekistan with Masdar.
Under this agreement, Masdar will design, finance, build and operate a wind farm. The volume of investment in construction is estimated at US$600 million. Work is scheduled to begin in the third quarter of 2020 with the commissioning of the facility in 2022.
An agreement on the implementation of a project on the privatization of existing and construction of new power units on the basis of Talimarjan TPP JSC with Mubadala was also signed. The agreement defines the mechanisms and conditions for the privatization, development, financing and operation of the Talimarjan energy complex. The privatization process with the purchase of shares of the facility is planned by the Emirate side in the third quarter of 2020.
It should be noted that the signing of these agreements was preceded by the conclusion of an investment agreement on the construction of a photovoltaic station with a total capacity of 100 MW in the Navoi region of the Republic of Uzbekistan, signed with Masdar in November last year, as in October Masdar was declared the winner of the first open tender in the history of the Republic of Uzbekistan investments in alternative energy through public-private partnerships (PPPs).
A cooperation agreement between the Government of the Republic of Uzbekistan and Masdar and Mubadala on the construction of power plants in the Republic was signed during the official visit of the President of the Republic of Uzbekistan to the United Arab Emirates in March 2019.
Mubadala is the UAE’s state-owned investment company with a portfolio of investments worth more than US$200 billion, which includes the company’s assets in the fuel and energy sector, the sector of information and communication technologies, metallurgy, aerospace, mining, and healthcare.
Masdar is a subsidiary of Mubadala Investment Holding and one of the leading international renewable energy companies in the world. The portfolio of implemented investment projects of the company includes more than 4,000 MW of installed capacity to generate electricity from renewable energy sources.
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