Japan firm interested in district cooling sale

by Claire Ferris-Lay Thursday, 25 September 2008

National Central Cooling Co, the UAE’s district cooling company known as Tabreed, has revealed a Japanese firm is interested in buying some of its assets as bosses bid to increase profitability.

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Abu Dhabi-based Tabreed is also actively targeting regional infrastructure funds, CEO Karl Marietta said during an interview with Arabian Business.
Japan’s Sumitomo Corporation is interested in buying district cooling plants from the company, said Marietta.

Tabreed, which provides cooling services to buildings by producing chilled water centrally, is looking to sell off a number of its district cooling plants in the UAE to fund regional expansion and increase profitability.

One of the company's most high-profile contracts is with Dubai Municipality to provide the entire Dubai Metro Project with district cooling services.

“We plan to sell our most mature assets; plants that have been fully constructed, [where] all of the customers have been connected and they are producing revenue and performing properly,” explained Marietta.

“We will maintain some significant ownership in those assets,” he added.

In 2006 Tabreed formed a joint venture with the Sumitomo Corporation and J-Power in which the Japanese company owned a 30 percent stake in Sahara Cooling Limited.



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