Abu Dhabi-based Global South Utilities (GSU) has acquired a 51 percent stake in Uzbekistan’s Yashil Energiya, its first investment in Central Asia and the wider Commonwealth of Independent States (CIS).

The acquisition marks GSU’s diversification into distributed solar and electric vehicle (EV) charging, alongside its existing utility-scale projects, the company said in a statement.

No financial details were given.

The deal will, however, give GSU a board seat, the statement added. 

GSU, part of Abu Dhabi’s Resources Investment, said the agreement will strengthen collaboration with Yashil Energiya, driving the company’s long-term strategy. 

Yashil Energiya is a developer of commercial and industrial distributed solar projects in Uzbekistan. It is also expanding into EV charging and mini hydropower. 

The company operates 50 megawatts (MW) of solar projects in Uzbekistan and is expected to grow its portfolio by tens of megawatts with the new funds provided through this partnership. 

Uzbekistan aims to generate 50 percent of its electricity from renewables by 2030. 

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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