The UAE’s National Central Cooling Company PJSC has acquired an additional 50 percent stake in a district cooling scheme, local reports have said.
The scheme, with a capacity of 80,000 refrigeration tons, is an exclusive one that supplies only Al Maryah Island in Abu Dhabi, said the local reports.
The supply chain is also said to include the island’s major entertainment, hospitality, retail, commercial, and residential developments.
The acquisition is from joint venture partner Mubadala Infrastructure Partners (MIP), said the reports.
The deal reportedly brings ownership of the company, which is also known as Tabreed, to 100 percent.
Tabreed is expected to continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties LLC, a wholly-owned subsidiary of Mubadala Investment Company.
The deal is reportedly the fourth major acquisition for Tabreed in less than two years, following the securing of an 80 percent stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.
Tabreed CEO Khalid Abdullah al Marzooqi was quoted as saying about this deal and the overall project: “Since the start of our operations at Al Maryah island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability, and we view our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi.”
