30-year contract involves buying the existing district cooling provider to Al Maryah Island
UAE-based Tabreed is heading a consortium that has acquired a concession to provide district cooling services in Abu Dhabi worth AED1.05 billion ($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-owned investment fund Mubadala.
Mubadala holds a 14.3 percent stake in Tabreed, according to Thomson Reuters data.