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Thu 1 Mar 2007 12:00 AM

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GCC Energy Fund acquires chunk of district cooling venture

The GCC Energy Fund has added the district cooling business to its other energy sector interests by taking a 50% stake in a joint venture with US-based Stellar.

The GCC Energy Fund has added the district cooling business to its other energy sector interests by taking a 50% stake in a joint venture with US-based Stellar.

The joint venture is to provide district cooling solutions as well as turbine inlet air chilling for power generation facilities, cold storage facilities and industrial cooling for various applications across the Middle East and North Africa (MENA) region.

“We recognise that district and industrial cooling will be major growth areas in the coming years as demand continues to rise,” said Adil Toubia, CEO, GCC Energy Fund.

“Furthermore, energy conservation and efficiency are critically-important issues, so taking a lead role in this pioneering joint venture will enable us to make a valuable contribution to reducing energy consumption across the region,” he added.

Toubia has previously said a core objective of the fund is to “realise value at every stage of the supply chain of the energy sector”.

This is the fund’s fourth major deal since November 2006.

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