Construction Week
Summary
National Central Cooling Company (Tabreed), has acquired Saadiyat Cooling (SCL), which is currently majority-owned by Aldar Properties and Saadiyat District Cooling Sole Proprietorship (SDCL), which is wholly owned by Aldar Investment Properties PJSC, at a cost of $262m (AED 963m).
The agreement will see Tabreed provide cooling to some of Abu Dhabi’s significant developments, including the Louvre Abu Dhabi, NYUAD, and Manarat Al Saadiyat.
Through an interconnected network of two district cooling plants with potential for a third plant to be built upon further ramping up of demand on the island in the future, SCL has a currently connected capacity of 24k Refrigerated Tonnes (RT) and a total concession of 77k RT.
The SDCL plant is dedicated to the New York University (NYUAD) for a connected capacity of 11k RT. The ultimate capacity of the concession is 88k RT. Following the completion of the transaction, Tabreed’s presence in Abu Dhabi will increase to 655k RT from a total of 46 plants.
Commenting on the agreement, Tabreed’s chief executive officer, Bader Saeed Al Lamki, said: “Our strategic partnerships have allowed Tabreed to grow into an international powerhouse in district cooling, with over 22 years of experience and investments across six countries. Our partnership with Aldar is one such example, and this transaction is testament to the strong relationship we enjoy with them.”
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