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