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Tabreed continues its Indian expansion: The UAE’s National Central Cooling Company (Tabreed) has been named preferred bidder for a long-term district cooling concession for the Hyderabad Pharma City in Telangana, a disclosure (pdf) to the DFM read on Monday. The agreement is set to close in 4Q 2023 with construction set to begin “as soon as possible,” The National reports.
What we know: The district cooling project’s initial phase will see the construction of district cooling facilities supplying 2.5k refrigeration tons (RT) at an approximate project cost of AED 36.2 mn. The project will be expanded in phases depending on cooling demand, with total concession loads reaching up to 125k RT.
Who’s paying what: The first phase of the project will see a funding mix of 75% in local financing and 25% in equity paid in line with construction milestones, The National writes, citing statements by Tabreed. “Additional investment will be required to fund construction of additional cooling infrastructure in line with project requirements as needed to meet demands,” the company said.
Not Tabreed’s first Indian rodeo: Tabreed made its grand entry in India under a partnership in May with Tata Realty and Infrastructure Limited (TRIL). The agreement with the real estate and infrastructure development arm of Indian conglomerate Tata Sons includes a AED 44.34 mn investment in TRIL’s Intellion Park special economic zone development in Gurugram. It began commencing its first operations in the country last month.
Tabreed has big plans for the country: Tabreed finalized a significant five year strategicpartnership with the International Finance Corporation (IFC) to invest up to USD 400 mn for its expansion in India. Tabreed and the IFC have been targeting a portfolio of c. 100k RT servicing industrial, commercial, and retail developments across the country.
And India is serving up potential: India expects aggregated cooling demand to grow eightfold by 2037-2038, with cooling accounting for 45% of peak energy demand nationwide by 2050, Tabreed said in May, citing data from India’s Environment, Forest, and Climate Change Ministry. The ambitious targets come a few years after the ministry set up the India Cooling Action Plan to back the growth of sustainable district cooling across the country.
