Zawya
Summary
The Arab Energy Fund and The State Oil Fund of the Republic of Azerbaijan (SOFAZ) are pleased to announce that they have agreed to partner with CVC DIF to invest in a co-investment vehicle that invests alongside DIF VII, which recently acquired a 50 percent stake in PAL Cooling Holding (“PAL”), a principal district cooling operator in UAE. The investment from The Arab Energy Fund and SOFAZ reflects a shared commitment to advancing energy-efficient infrastructure solutions across the region.
In June 2025, CVC DIF, the infrastructure strategy of leading global private markets manager CVC, and Tabreed, one of the world’s leading district cooling companies, agreed on the acquisition of PAL in a 50/50 joint venture with an equity value of approximately AED 3.8 billion.
PAL Cooling Holding is the second-largest district cooling provider in the UAE, managing eight long-term concessions with an average remaining duration of 25 years and serving over 45,000 customers. The company plays a critical role in enabling efficient, reliable, and sustainable cooling services across several of the UAE’s key developing districts.
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