Mubadala signs agreement for power complex in Uzbekistan

Business Bureau, Gulf Today

In the presence of Sardor Umurzakov, the Uzbekistan Minister of Investments and Foreign Trade, an implementation agreement was signed at a ceremony in Tashkent, Uzbekistan, between the Ministry of Investment and Foreign Trade, and JSC Thermal Power Plants of the Republic of Uzbekistan (JSC), and Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor.

The agreement establishes a roadmap for the future implementation of the transaction which will include the acquisition, development, financing and operation of the Talimarjan Power Complex.

Speaking on the occasion of the signing, Minister Umurzakov said: We are confident that this historic partnership will contribute to the growth of the region and help to create expertise in the development of the country’s energy industry. This success sets a precedent for future private sector participation in the country and sends a positive message to the global investment community.”

Khaled Al Qubaisi, CEO Aerospace, Renewables & ICT at Mubadala said: “This transaction is a testament to Mubadala’s strategic and technical capabilities in the utilities sector. We are honored to join forces with our esteemed Uzbek partners in one of the first privatizations in the conventional power generation sector in The Republic of Uzbekistan utilizing the Independent Power Producer (IPP) model, and we hope this is the first of many partnerships with the Republic.”

Shukhrat Vafaev, the Deputy Minister of Ministry of Investment and Foreign Trade said, “With the continuing rapid growth and development of the economy of the Republic of Uzbekistan, and as part of the governmental process of attracting foreign investors, The Talimarjan Power Complex expansion, which will address the Country’s growing power needs, will lay the foundation for further implementation of efficient energy production and distribution solutions in Uzbekistan. We look forward to working with Mubadala and building on this partnership in the future.”

Commenting on the agreement, Mohammed Alhuraimel Alshamsi, Utlilites Director, Mubadala said: “The Talimarjan Power Complex comprises of 1.7 GW of existing gas-fired conventional power, with a plan to further expand the complex to accommodate the growing power demand of the nation. Mubadala is proud to partner with the Ministry of Investment and Foreign Trade and JSC Thermal Power Plants on this strategic project, and we are committed to continued open and transparent stakeholder engagement throughout the implementation phase. We see this as the first step in a long and prosperous partnership with The Republic of Uzbekistan.”

Mubadala Investment Company has announced recently that it has invested in a UK-based company which is developing peptide hormones for the treatment of diabetes and obesity.

Zihipp will use the £3.3 million ($4.3 million) ‘Series A’ financing round to develop a pipeline of oxyntomodulin and PYY peptides originating in the laboratory of Professor Sir Stephen Bloom at Imperial College London.

Abdulla Al Shamsi, head of healthcare at Mubadala, said: “With the high rates of obesity and diabetes in the UAE, these new treatments promise to make a significant impact on public health. We are always seeking to invest in cutting-edge healthcare-related technologies that can benefit our patients.”

Mubadala’s $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong.

Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.

The Ministry of Investment and Foreign Trade is the competent government agency responsible for implementation of the unified state investment policy, management of attraction of foreign investments, first of all direct investments, cooperation with international financial institutions (offices of the manager) and foreign government financial organizations, as well as formation and management of the unified state policy in the field of foreign trade and international economic cooperation.