UAE's Global South Utilities Completes Acquisition Of 51% Stake In Yashil Energiya For Solar Projects

Global South Utilities (GSU), based in Abu Dhabi, has acquired a 51% stake in Yashil Energiya, marking its first venture into Central Asia and the Commonwealth of Independent States (CIS). This acquisition is notable as it represents the first time an Emirati firm has purchased a renewable energy company in the CIS region. Yashil Energiya is known for its work in commercial and industrial solar projects in Uzbekistan and is expanding into electric vehicle charging and mini hydropower.

The deal aligns with GSU's strategy to diversify into distributed solar energy and electric vehicle charging, complementing its existing large-scale utility projects. The acquisition was structured as an increase in charter capital, ensuring that all current shareholders remain involved. This move also grants GSU representation on Yashil Energiya's board, fostering collaboration with existing shareholders and management to shape the company's long-term strategy.

This acquisition strengthens energy ties between the UAE and Uzbekistan, with the latter aiming for 50% of its electricity to come from renewable sources by 2030. The UAE has emerged as Uzbekistan's leading Arab and GCC trade partner, with both nations enhancing cooperation in infrastructure and energy transition. This partnership reflects a shared commitment to advancing clean energy initiatives.

Ali Al Shimmari, Managing Director and CEO of GSU, stated, "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." He emphasized that the UAE's experience in clean power development provides a solid foundation for contributing significantly to Uzbekistan's ambitions.

Yashil Energiya currently operates 50 MW of solar projects within Uzbekistan. With new funding from this partnership, it plans to expand its portfolio by several tens of megawatts. Nodirbek Nasretdinov, CEO of Yashil Energiya, expressed optimism about this collaboration: joining forces with Global South Utilities will deliver more innovative solar solutions, expand access to clean power, and accelerate Uzbekistan’s transition to a greener economy.

Jurabek Mirzamahmudov, Uzbekistan's Minister of Energy and Chairman of Yashil Energiya, remarked on the significance of this partnership: "Partnering with Global South Utilities marks an important step forward for Yashil Energiya and Uzbekistan’s clean energy ambitions. By combining international expertise with local strengths, we are laying a solid foundation to contribute meaningfully to Uzbekistan’s ambitions, driving faster solar adoption and a more sustainable future for our country."

This strategic investment by GSU not only enhances its portfolio but also supports Uzbekistan's renewable energy objectives. The collaboration aims to foster innovation in solar solutions while promoting sustainable development across the region.

With inputs from WAM