UAE investment holding company Mubadala and its subsidiary Masdar are investing in the power sector of the Republic of Uzbekistan.
The Ministry of Investments and Foreign Trade, together with Masdar, has signed an agreement on the construction of a 400 MW wind power plant in the Navoi region of the Republic of Uzbekistan.
According to this agreement, Masdar will design, finance, construct and operate this wind power plant. The total investment amounts to $600m and the facility will be commissioned in 2022.
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Further to this agreement, Mubadala also signed and agreement for the privatization of existing, and the construction of new power units based on Talimarjan TPP JSC. This agreement defines the procedure and conditions for privatization, development, financing and operation of the Talimarjan energy complex. The UAE party is planning to complete the process of privatization, including the purchase of the facility’s shares, in the third quarter of 2020.
The cooperation agreement between the Government of the Republic of Uzbekistan, Masdar and Mubadala on the construction of power plants in the Republic was signed during the official visit of the President of the Republic to the United Arab Emirates in March 2019.