Global South Utilities, based in Abu Dhabi, has announced the successful acquisition of a 51% stake in Yashil Energiya, marking its inaugural investment in Central Asia and the CIS.
Yashil Energiya is a comprehensive company focused on developing distributed solar energy projects for the commercial and industrial sectors, and is also expanding into electric vehicle charging and small hydroelectric projects.
This acquisition marks the first time an Emirati firm has entered the renewable energy sector in CIS countries, underscoring Global South Utilities’ strategy to broaden its solutions, including distributed solar energy for businesses and infrastructure for electric vehicle charging, while continuing to invest in large solar energy projects.
Global South Utilities, a subsidiary of Resources Investment in Abu Dhabi, indicated that the agreement is aimed at enhancing collaboration with the stakeholders and management at Yashil Energiya to support its long-term strategy.
Currently, Yashil Energiya manages approximately 50 megawatts of solar energy projects in Uzbekistan, and it is anticipated that its portfolio will expand by several megawatts through the new funding provided by this partnership.
The agreement also grants Global South Utilities representation on the board of directors, with the deal structured on the basis of capital increase, allowing all existing shareholders to maintain their positions.
Ali Al Shammari, the managing director and CEO of Global South Utilities, stated that their entry into Uzbekistan represents a significant step towards establishing long-term partnerships that align with the country’s renewable energy goals. “Yashil Energiya has demonstrated its capabilities in distributed solar energy, and together we will implement projects that benefit both the business sector and communities, facilitating a transition towards cleaner energy,” he remarked.
He further noted that the UAE’s expertise in clean energy project development provides a solid foundation for contributing effectively to Uzbekistan’s aspirations.
Minister of Energy of Uzbekistan and Chair of Yashil Energiya, Jorabek Mirzamahmudov, expressed that the partnership with Global South Utilities represents a significant advancement for both the company and Uzbekistan’s clean energy ambitions. “By combining international expertise with local capabilities, we are establishing a robust foundation that will enable us to effectively contribute to achieving Uzbekistan’s goals, accelerating the adoption of solar energy and creating a more sustainable future for our nation,” he commented.
Nodirbek Nasriddinov, CEO of Yashil Energiya, added that collaboration with Global South Utilities will empower them to deliver more innovative solar energy solutions and provide clean energy to a wider segment of the community, advancing Uzbekistan’s journey towards a green economy and sustainable future.
This acquisition reflects the deepening energy and investment relations between the UAE and Uzbekistan, which aims to generate 50% of its electricity from renewable sources by 2030.
The UAE is Uzbekistan’s primary trading partner among Arab nations and GCC countries, as both nations continue to enhance cooperation in infrastructure and renewable energy transition.