Tabreed acquires Masdar City's 69,000RT district cooling plants
Dubai-listed firm to also acquire the use of two deep geothermal wells to use geothermal tech for cooling solutions
Dubai Financial Market-listed (DFM) UAE’s district cooling developer National Central Cooling Company (Tabreed) has acquired Masdar City’s district cooling plants and concession with a total capacity of nearly 69,000RT.
The plants provide cooling services to more than 2.7km2 of sustainable urban communities in Masdar City, the company said in a stock market missive.
Announced on the sidelines of the Abu Dhabi Sustainability Week 2020, as part of the agreement Tabreed will also acquire the use of two deep geothermal wells located in Masdar City that are a part of a major research and development collaboration initiative, which will see Tabreed create unique, reliable, and sustainable cooling solutions through geothermal technology.
Speaking about the move, chief executive officer of Tabreed, Bader Al Lamki, said: “We will be integrating, in operating the plant, our state-of-the-art AI module control system that will more efficiently and economically adjust the plant’s operating parameters to the specific cooling requirements thus further reducing carbon emissions across the city and beyond.”
“As an industry leader, our strategic and solid partnerships have allowed us to diversify our operations and venture into energy solutions such as geothermal technology.”
Meanwhile, executive director of sustainable real estate at Masdar, Yousef Baselaib, said: “This agreement reflects the progress Masdar City has made in developing its residential and commercial portfolio.”
“Tabreed’s expertise in leveraging emerging technologies such as artificial intelligence will help Masdar City meet its sustainability objectives.”