Founded in 2006, PAL Cooling is a key player in the UAE’s district cooling sector, working with major developers such as Aldar Properties, Modon and Imkan
The loan will be used to finance projects and investments that adhere to the cooling firm’s green finance framework
Tabreed was selected by the state government’s infrastructure development arm to provide district cooling services to Hyderabad Pharma City
Leveraging geothermal heat for district cooling operations has the potential to reduce electricity demand helping decarbonise an energy-intensive sector
The Dubai-listed firm will acquire the existing cooling infrastructure at the Intellion Park development, which covers a total area of 3.5 million square feet
The company’s revenue increased by 10 per cent year-on-year to Dhs464m
The group revenue increased by 13 per cent to total Dhs1.66bn for the first nine months of the year
The framework is accompanied by a second party opinion from ESG ratings agency Sustainalytics
Tabreed currently delivers over 1.404 million refrigeration tonnes to key developments across the UAE and Saudi Arabia
The transaction is expected to complete in the first quarter of 2021
The bond has been rated Baa3 by Moody’s and BBB by Fitch
It will be issued in one or more tranches over the next 12 months
The Abu Dhabi-based district cooling utility company appointed Jasim Thabet as its new chief executive officer.