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Fri 11 Jul 2014 01:42 AM

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UAE's Tabreed acquires $286m cooling services contract

30-year contract involves buying the existing district cooling provider to Al Maryah Island

UAE's Tabreed acquires $286m cooling services contract

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.

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