Tabreed increases ownership of Al Maryah Island district cooling scheme to 100%
Firm began operations of the district cooling scheme for the Abu Dhabi project in 2014
An additional 50% stake has been acquired by The National Central Cooling Company (Tabreed) in the exclusive, 80,000 refrigeration tonne district cooling scheme supplying Al Maryah Island, in Abu Dhabi. The acquisition is said to be from joint venture partner, Mubadala Infrastructure Partners (MIP), which brings Tabreed’s ownership to 100%.
According to a statement, Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties. The latter is a wholly owned subsidiary of Mubadala Investment Company.
Having doubled its stake in the district cooling scheme, Tabreed continues to deliver on its growth ambitions in key markets. The deal is the fourth major acquisition for Tabreed in less than two years, following the securing of an 80% stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi, the statement explained.
“Since the start of our operations at Al Maryah island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability, and we view our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi,” said Tabreed’s CEO, Khalid Abdullah Al Marzooqi.
He added, “I am particularly proud of our operations and technical teams, who have pioneered many of the latest technologies and operational philosophies at the Al Maryah scheme and across all of our plants in the region. They have significantly increased overall efficiency and reliability while reducing total carbon emissions for the UAE, further highlighting that district cooling continues to be a key component of the UAE’s energy strategy and for developing nations in the region and internationally.”
This new acquisition sees the company extend its reach in supplying high-quality district cooling services to the region’s most notable developments, the statement concluded.
