Emicool secures AED 1.95 bn in first-ever green financing: District cooling firm Emicool — a joint venture between Dubai Investments and London-based infrastructure-focused private equity giant Actis — has landed its first green financing worth just short of AED 2 bn, as part of a broader AED 2.3 bn syndicated facility, Asharq Business reports citing a statement. The financing will support energy-efficient district cooling projects.

More details: The green financing is part of a broader AED 2.3 bn syndicated facility backed by Dubai Islamic Bank and Abu Dhabi Commercial Bank, and the 12-year facility includes a five-year grace period.

BACKGROUND- Actis acquired a 50% stake in Emicool from Dubai Investments in 2022, forming a joint venture aimed at expanding sustainable district cooling services in the MENA region. This transaction was highlighted as one of the largest in the district cooling industry in the region.

Not the sector’s first green issuance: UAE district cooling company Tabreed’s wrapped a USD 700 mn green sukuk issuance last month that was 2.6x oversubscribed.

All part of Actis’ 2025 regional push: Actis was reported last November to be eying investments in the region’s green sector — including in power generation, distribution, district cooling, and solar rooftop assets — with at least at least four transactions expected to reach financial close in 2025. Actis’ energy fund’s global pipeline was valued at USD 33 bn at the time, with plans to allocate 20% of it to the Middle East and Eastern Europe.

Tags: