UAE company buys controlling stake in Uzbekistan’s Yashil Energiya

According to WAM news agency, GSU finalized the deal to purchase a controlling 51 percent stake in Yashil Energiya. This marks the company’s first acquisition in the renewable energy sector in Central Asia and the CIS region. The agreement was structured as a capital increase while retaining all existing shareholders, and provides GSU with representation on the board of directors.

Uzbekistan’s Minister of Energy, Jurabek Mirzamakhmudov, held a meeting in Tashkent with GSU CEO Ali Al Shimmari and Masdar General Manager Neeraj Kumar Maddi. The parties discussed the implementation of tasks outlined by President Shavkat Mirziyoyev at the Abu Dhabi summit, including joint projects in the field of green energy. To date, Uzbekistan’s solar and wind power plants have generated more than 8 billion kWh of electricity.

Agreements were signed with GSU to increase the share of low-capacity renewable energy sources. Yashil Energiya LLC will receive $27 million in investment to install and operate renewable energy equipment at social facilities, government agencies, and other organizations. Plans also include accelerating projects for small solar and hydropower plants as well as fast-charging stations for electric vehicles.

Currently, Yashil Energiya manages solar projects with a total capacity of 50 MW and intends to expand its portfolio by several dozen megawatts.

“Our entry into Uzbekistan is about building long-term partnerships that align with the country’s renewable energy goals. Yashil Energiya has proven capabilities in distributed solar, and together we will deliver projects that support businesses, communities and the wider energy transition,” said GSU CEO Ali Al Shimmari.

Minister of Energy Jurabek Mirzamakhmudov, who also serves as chairman of the board of Yashil Energiya, stressed that cooperation with GSU is an important step toward accelerating the deployment of solar energy in Uzbekistan.

About Yashil Energiya

Yashil Energiya was established by presidential decree on 16 February 2023. The company is responsible for installing small-scale renewable energy facilities at social infrastructure sites and government buildings.

Under its mandate, after installing renewable energy equipment on designated parts of government-owned buildings and facilities using its own funds, the company is allowed to lease them out free of charge for use by state agencies and organizations. Lease agreements must be registered with tax authorities.

Yashil Energiya may also conclude direct contracts with local and foreign manufacturers for the purchase of renewable energy equipment and spare parts, as well as for installation and maintenance services, based on the results of competitive tenders.

The company has six founding shareholders: three investment companies of commercial banks (NBU Invest Group, Asaka Capital Invest, and SQB Capital – owned by NBU, Asaka Bank, and Uzsanoatqurilishbank, respectively), and Lider Finance Capital (Agrobank), each holding 19.16 percent. The other two shareholders are Turon Plaza Hotel (Turonbank) and BRB-Capital (Bank for Development of Business), each holding 9.58 percent.

According to its website, GSU operates in the energy and water supply sectors across two continents, with more than 400 MW of renewable energy capacity. The company specializes in power generation from renewable sources, water supply and resource management, and rapid management of utility infrastructure.