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FinancialNews
23-05-23
TAQA Plans to Invest Over USD3 Billion in Uzbekistan's Power Sector for New, Existing Plants
(MENAFN) Abu Dhabi National Energy Co., commonly known as TAQA, has announced its plans to invest over $3 billion in both new and existing power plants in Uzbekistan, providing a significant boost to the country's power sector. The UAE-based utilities firm has entered into a strategic partnership with the Uzbek government, aiming to explore various projects and investment opportunities within Uzbekistan's energy sector, as stated in a press release issued by the company.
One of the key components of this collaboration is the proposal for a greenfield-combined cycle power plant with a capacity of 1.5 gigawatts. This new project is intended to be developed adjacent to the existing Talimarjan power complex, where TAQA is already involved in the construction of two gas-fired power plants. As part of the partnership, TAQA will be responsible for all aspects related to the design, financing, engineering, and procurement of the power plant.
Furthermore, TAQA will also take on responsibilities such as outsourcing, testing, ownership, and operation of the power plant. In addition to the greenfield project, TAQA has entered into agreements with several existing power plants and new gas-fired plants, which collectively have a total capacity exceeding 3 gigawatts.
Jasim Husain Thabet, Group CEO and Managing Director at TAQA, expressed confidence in the partnership, highlighting the potential for accelerating the sustainable development of Uzbekistan's electricity sector. He emphasized that this collaboration would not only contribute to the growth of the power sector but also strengthen the longstanding relationship between the United Arab Emirates and Uzbekistan.
In addition to power generation projects, TAQA has also secured deals pertaining to the country's electricity transmission and distribution infrastructure. The investments made by TAQA are expected to play a vital role in advancing Uzbekistan's energy sector, promoting sustainable development, and meeting the growing demand for electricity in the country.
MENAFN23052023000045014228ID1106293317
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