Tabreed acquires 50% of Aldar's Reem Island district cooling plant
Tabreed will have 100% ownership following the completion of the transaction, which is subject to relevant regulatory approvals
UAE-based National Central Cooling Company (Tabreed) today announced the acquisition of 50% of the shares in S&T Cool District Cooling Company from Aldar Properties.
S&T Cool District Cooling Company is a major district cooling provider on Reem Island in Abu Dhabi.
Tabreed will own 100% of the company following the completion of the transaction, which is subject to relevant regulatory approvals.
The transaction values S&T at $94m (AED348m).
S&T’s district cooling plant on Reem Island has a connected capacity of over 31,500 refrigeration tons (RT) and provides cooling to landmarks on Reem Island’s skyline, such as Sun & Sky Towers, Gate Towers, The Arc, and Shams Boutik mall.
Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to have completed this acquisition, especially as it serves a key Abu Dhabi growth area.
"The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online.
"This is also another milestone in our district cooling relationship with Aldar, the leading real estate developer in Abu Dhabi. The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments.”
The Reem Island plant is the 6th plant in Tabreed’s portfolio providing district cooling to Aldar developments.