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.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.