Tabreed acquires Emaar district cooling business in $675 million deal
Topics: TABREED ACQUIRES
The UAE-based district cooling developer announced the AED2.48 billion ($675 million) acquisition on Monday, noting that Emaar will retain a 20 percent stake as part of the long-term partnership.
Downtown Dubai is Emaar’s flagship mega-development at the heart of the city. The destination is home to Burj Khalifa – the world’s tallest building, and other landmark residential, commercial and hospitality developments.
The long-term concession will exclusively provide up to 235,000 RT of cooling to Dubai’s most prestigious developments with the largest integrated energy efficient cooling scheme in the world.
The district cooling scheme currently provides 150,000 RT of contracted capacity through a network that distributes chilled water produced in three already built interconnected district cooling plants; shortly followed by a fourth state-of-the-art plant that is currently under construction.
Following the completion of the transaction, Tabreed’s presence in Dubai has increased to 278,801 RT and its total capacity has increased by 12.6 percent to 1,338,602 RT from 83 plants. ■