{"id":79482,"date":"2023-09-11T01:00:08","date_gmt":"2023-09-11T01:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/11\/tabreed-continues-its-indian-expansion-with-a-new-agreement-to-explore-investments\/"},"modified":"2023-09-11T01:00:08","modified_gmt":"2023-09-11T01:00:08","slug":"tabreed-continues-its-indian-expansion-with-a-new-agreement-to-explore-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/11\/tabreed-continues-its-indian-expansion-with-a-new-agreement-to-explore-investments\/","title":{"rendered":"Tabreed continues its Indian expansion with a new agreement to explore investments"},"content":{"rendered":"

<\/a>The UAE and India partner up on district cooling:<\/strong> The UAE\u2019s National Central Cooling Company (Tabreed) has signed an agreement with the regional government of India\u2019s Telangana state to explore investments in the district cooling sector of Hyderabad, Wam<\/a> reported on Friday. Tabreed \u2014 which partnered with the IFC on a USD 400 mn, five-year expansion<\/a> into India back in 2021 \u2014 is looking to set up infrastructure to reduce 200 MW of electricity demand in the Indian city. The project also aims to push down carbon emissions from the city\u2019s cooling sector by 600k tons annually and ultimately 18 mn tons over the project\u2019s expected 30-year lifecycle, the news agency notes. Cooling and air conditioning systems, which utilize refrigerants that end up in the atmosphere, contribute over 7%<\/a> of global greenhouse gas emissions, with estimates indicating that emissions will double by 2050<\/a>, according to forecasts by the United Nations Environment Programme. Telangana has set a target to become carbon-neutral by 2047.<\/p>\n

Not Tabreed\u2019s first Indian venture:<\/strong> Tabreed secured its first district cooling transaction<\/a> in India in May under an agreement 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\u2019s Intellion Park special economic zone development in Gurugram. Tabreed officially kicked off operations<\/a> in the country last month, and was also named the preferred bidder<\/a> for a long-term district cooling concession for the Hyderabad Pharma City in Telangana. Its AED 36.2 mn Telangana project will initially supply 2.5k refrigeration tons (RT), with plans to later up capacity depending on cooling demand to up to 125k RT.<\/p>\n

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EDB joins renewables bandwagon:<\/strong> The Emirates Development Bank (EDB) will offer a new first-of-its-kind Solar Energy Finance Programme to back MSMEs through a AED 100 mn allocation for the adoption of solar energy initiatives, Wam<\/a> reported on Thursday. The new program aims to support a clean energy source transition and overcome cost obstacles related to the shift. It offers medium and long-term loans and working capital of up to AED 5 mn with a focus on solar energy projects. The new programme comes under the EDB\u2019s offerings of up to eight years-long tenor loans for structured finance projects and solar panels with grace periods of up to six months.<\/p>\n

All under an ambitious plan: <\/strong>The new programme comes under EDB\u2019s mandate to approve AED 30 bn in financing support for 13.5k companies within five priority sectors \u2014 renewables, food security, manufacturing, technology and healthcare \u2014 by 2026.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n