Press release
Summary
National Central Cooling Company (Tabreed) has finalised a significant strategic partnership with the International Finance Corporation (IFC), under which ownership of Tabreed India, currently a wholly owned subsidiary of Tabreed, being transferred to a new holding company established in Singapore to be jointly owned by Tabreed (75%) and IFC (25%).
International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. Since its establishment in 1956, IFC has invested more than $321 billion in emerging markets.
The holding company will be established with initial equity commitments from the partners of US$100 million with a mandate to invest in projects of up to approximately $400 million over the next five years, targeting a portfolio of approximately 100,000 refrigeration tonnes (RT) servicing industrial, commercial and retail developments across India.
IFC and Tabreed have agreed investment eligibility criteria which include robust environmental, social, and corporate governance (ESG) requirements for projects in these geographies. Public environment and sustainability (E&S) disclosures will be made by IFC prior to investing in each project.
India, the partnership’s key target market, has low per capita cooling consumption and a rapidly growing cooling market across all sectors, and district cooling adoption is imperative for India to meet its ambitious climate goals.
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