UAE-based National Central Cooling Company (Tabreed) has announced its acquisition of a 50 per cent stake in Abu Dhabi’s S&T Cool District Cooling Company from Aldar Properties for Dhs348m ($94.7m)
The deal will make Tabreed the 100 per cent owner of S&T when the acquisition closes, subject to regulatory approval.
S&T provides 31,500 refrigeration tonnes of cooling capacity from its plant on Reem Island, which is connected to Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall.
The plant will be the sixth in Tabreed’s portfolio providing district cooling to Aldar developments.
“The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online,” said Tabreed CEO Jasim Husain Thabet.
“The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments.”
Tabreed has 72 district cooling plants across the Gulf Cooperation Council.