UAE-based international district cooling developer, National Central Cooling Company (Tabreed) has announced its acquisition of another 50 percent stake in the exclusive 80,000 refrigeration ton district cooling scheme supplying Al Maryah Island in Abu Dhabi.
Mubadala Infrastructure Partners (MIP), a joint venture partner of Tabreed, made the acquisition, boosting Tabreed’s shareholding to 100 percent. Under a 30-year exclusive concession awarded in 2014 by Al Sowwah Square Properties LLC, a wholly-owned subsidiary of Mubadala Investment Company, Tabreed will continue to administer the Al Maryah scheme.
Tabreed continues to deliver on its growth ambitions in major markets, having doubled its stake in the major district cooling plant as well as in its major entertainment, hospitality, retail, commercial, and residential developments. After securing an 80 percent stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi, Tabreed has made its fourth significant acquisition in less than two years.
“I am particularly proud of our operations and technical teams, who have pioneered many of the latest technologies and operational philosophies at the Al Maryah scheme and across all of our plants in the region. They have significantly increased overall efficiency and reliability while reducing total carbon emissions for the UAE, further highlighting that district cooling continues to be a key component of the UAE’s energy strategy and for developing nations in the region and internationally.”
Since the start of its operations at Al Maryah Island’s district cooling scheme in 2014, with the collaboration of MIP, Tabreed has developed the scheme into an industry-leading model of efficiency and reliability, and its recent move to acquire the entire operation can be viewed as the next logical step for growth plans in Abu Dhabi.
With the acquisition, the company will be able to provide high-quality district cooling services to some of the region’s key developments. Abu Dhabi Global Market, Cleveland Clinic Abu Dhabi, The Galleria Mall, Rosewood Abu Dhabi, and the Four Seasons Hotel are all located in Al Maryah Island, which has become the city’s most important economic district.