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Tabreed wins $286m cooling services contract

Abu Dhabi, July 10, 2014

UAE's Tabreed is heading a consortium that has acquired a concession to provide district cooling services in Abu Dhabi worth 1.05 billion dirhams ($285.9 million), the firm said on Thursday.

The 30-year contract involves buying the existing district cooling provider to Al Maryah Island in Abu Dhabi and will be funded through a combination of equity and a 20-year loan provided by First Gulf Bank, Tabreed said in a statement on Dubai's bourse.

Tabreed's consortium includes Mubadala Infrastructure Partners, an affiliate of Abu Dhabi state fund Mubadala.The company holds a 14.3 per cent stake in Tabreed.-Reuters




Tags: UAE | abu dhabi | District cooling | Tabreed |

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