UAE-based leading national cooling developer, National Central Cooling Company (Tabreed) and the member of the World Bank Group, International Finance Corporation (IFC) are planning to establish a district energy investment platform in Singapore.
The new venture will invest in district cooling, trigeneration, and cooling as a service offering, with a major focus on India followed by other Southeast Asian countries.
The joint venture aims to build on Tabreed’s ongoing development activities in India following the opening of its wholly-owned subsidiary in the country. Further, it will seek to provide more energy-efficient end-to-end cooling as a service offering through an outsourced utility model for real estate developments, new urban masterplans, and ongoing redevelopments across target cities.
Focus is on Southeast Asia
Southeast Asia’s energy demand is rising twice as high as the rest of the world. In India, now the world’s third-largest energy-consuming country, cooling continues to be the largest contributor to this growth with the government’s India Cooling Action Plan forecasting an eight-fold increase in demand through to 2038, and the commercial real estate sector alone estimated to add 100 million refrigeration tons (RT) in capacity during this period, as per the reports.
‘The size and dynamism of India and other Southeast Asian countries will keep them at the heart of the global energy system with all roads to a successful global clean energy transition going via India. Sustainable cooling plays a crucial role in materializing this vision. As a global leader in creating markets for climate businesses, we are proud to be collaborating with the IFC, who also enjoy a significant advisory and investment presence in the region to help spearhead the development of district cooling and broader cooling as a service market.’
Tabreed is a leading district cooling company based in Abu Dhabi, providing sustainable, energy-efficient, cost-effective, and innovative cooling solutions to government, commercial, residential and private organizations. With 86 district cooling plants, Tabreed currently delivers over 1.4 million RT to iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, the Dubai Metro, the Bahrain Financial Harbour, and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.