IFC to assist Tabreed in expanding its operations in India

18 Jan 2022 CW Team

The UAE's National Central Cooling Co, commonly known as Tabreed, has formed a joint venture with the World Bank Group's International Finance Corp to extend operations in India through a holding company.

Tabreed India's ownership will be moved to a Singapore-based holding company, with Tabreed retaining a 75% stake and IFC holding the remaining 25%.

Tabreed constructs, owns, and runs cooling infrastructure for real estate developers and other end customers, including data centres, cold chains, and urban skyscrapers.

The two partners will invest an initial $100 million in the new holding company, with a mandate to invest up to $400 million in projects over the following five years, aiming for a portfolio of 100,000 refrigeration tonnes serving industrial, commercial, and retail complexes.

The Burj Khalifa, the Sheikh Zayed Grand Mosque, and the Louvre Abu Dhabi are just a few of the renowned projects Tabreed has worked on.

Perla said the cooperation will help the firm expand its operations in India, allowing it to provide more energy-efficient, end-to-end cooling solutions for real estate expansions, new urban master plans, and redevelopments through outsourced utility models.

IFC and Tabreed have agreed on an investment eligibility criterion that, in addition to traditional financial standards, incorporates a strong environmental, social, and governance framework when establishing district energy projects, according to the business. With capital-intensive infrastructure requirements, project finance will be used to generate debt for particular projects.

The government is increasingly seeing district cooling as a requirement for urban master plans and smart city projects.

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