The press service of the Ministry of Investments and Foreign Trade reports that on September 9, a signing ceremony was held in Tashkent for the UAE Mubadala and TAQA companies to make large-scale investments in the Talimarjon Thermal Power Plant (TPP).
The signed agreements provide for the establishment of a joint venture that will manage the Talimarjon thermal power plant. Investments of UAE companies consist of payment for 80% share in the joint venture's authorized capital of 300 million dollars, and funds directed to the repayment of approximately 700 million dollars of loans previously attracted by Talimarjon IES.
The signed agreements provide an opportunity for UAE companies to make additional investments in the expansion of their production capacity by equipping the Talimarjon TPP and other thermal power plants with the most modern steam-gas devices for the combined cycle of electricity production. These devices are several times superior to traditional steam power plants in terms of the use of natural gas, the coefficient of production efficiency and the level of emissions released into the atmosphere.
Thus, the implementation of the agreements will significantly increase the technological level and reliability of Talimarjon, and provide the nation with stable and high-quality electricity.
As part of the next stage of cooperation, UAE companies will invest in the creation of additional production capacities at Talimarjon. The active involvement of foreign investments in the strategic energy industry allows to a change of the traditional approach of financing large infrastructure assets through foreign borrowing to attract direct foreign investments, and thus the external debt of the republic ensures financial stability and consistent improvement of the sovereign credit rating.