The UAE’s National Cooling Company (Tabreed) has successfully closed its inaugural Green Revolving Credit Facility (RCF) for AED 600 mn, according to a statement (pdf) released on Thursday. This five-year financing agreement aims to introduce highly efficient cooling solutions in the GCC market, focusing on sustainable and innovative technologies.First Abu Dhabi Bank (FAB) will serve as green coordinator, along with the Abu Dhabi Commercial Bank PJSC (ADCB), and Emirates NBD.

Where is the money going? Tabreed will allocate the funds to green projects exclusively, including district cooling schemes, energy and water efficiency, and wastewater management as part of its Green Finance Framework launched in 2022. FAB has committed USD135 bn in sustainable and transition financing by 2030, the statement said.

REMEMBER- Tabreed has made some big moves this year: Abu Dhabi National Oil Company (Adnoc) and Tabreed launched operations for the MENA region’s first geothermal cooling plant located in Abu Dhabi’s Masdar City earlier this month. The company also announced results of a district cooling pilot project it completed using nanofluid tech in November. The pilot — which Tabreed says is the world’s first in heat transfer technologies — was trialed at one of its district cooling plants in Khalifah City, Abu Dhabi.

Tabreed’s efficient cooling has saved tons of CO2:By using district cooling instead of conventional air conditioning, Tabreed has prevented the release of over 713k tons of CO2 emissions into the atmosphere, the equivalent of eliminating the emissions of 143k vehicles annually, according to their website.

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