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Tabreed-MIP consortium acquires DC concession

Will have installed capacity of 80,000 TR for capital’s Central Business District and Al Maryah Island

| | Sep 15, 2014 | 2:16 pm
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Will have installed capacity of 80,000 TR for capital’s Central Business District and Al Maryah Island

A consortium comprising Tabreed and Mubadala Infrastructure Partners (MIP), an infrastructure-focused fund investing in the Middle East, North Africa and Turkey, has announced acquiring a 30-year concession to be the exclusive provider of District Cooling services to the developments on the southern part of Al Maryah Island, Abu Dhabi.

The transaction, which is valued at approximately AED 1,050 million, involves the acquisition of the existing District Cooling provider to Al Maryah Island (Al Wajeez Development Company) and will be funded through a combination of equity and a 20-year long-term non-recourse senior loan provided by First Gulf Bank, the announcement added.

According to Tabreed, the concession represents an installed capacity of up to 80,000 refrigerated tonnes (RT) for Abu Dhabi’s new Central Business District and Al Maryah Island.

Commenting on the acquisition, Jasim Husain Thabet, CEO, Tabreed, said: “The acquisition of the Al Maryah Island plant, which currently has over 43,000 TR of connected capacity and utilises some of the latest District Cooling technology, represents an important milestone for us…. The combination of a strong partner and the positive industry outlook has resulted in us obtaining favourable financing terms to complete this acquisition, which is an affirmation of the market confidence in the Tabreed-MIP consortium.”

Philip Haddad, CEO, MIP, added: “The acquisition of Al Wajeez, in partnership with Tabreed, a leading regional operator, represents an important addition to our portfolio in Abu Dhabi and in the GCC. District Cooling is an innovative, energy-efficient and attractive asset class for long-term investors.”

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