{"id":83180,"date":"2024-03-21T07:00:00","date_gmt":"2024-03-21T07:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/21\/tabreed-on-track-to-issue-usd-1-bn-bond-sukuk-this-year\/"},"modified":"2024-03-21T07:00:00","modified_gmt":"2024-03-21T07:00:00","slug":"tabreed-on-track-to-issue-usd-1-bn-bond-sukuk-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/21\/tabreed-on-track-to-issue-usd-1-bn-bond-sukuk-this-year\/","title":{"rendered":"Tabreed on track to issue USD 1 bn bond + sukuk this year"},"content":{"rendered":"

Tabreed plans to raise USD 1 bn to expand operations: <\/strong>UAE\u2019s district cooling company Tabreed received shareholder approval for a USD 1 bn bond and\/or sukuk issuance aimed at funding acquisitions and general corporate purposes sometime over the next year, according to a DFM disclosure (pdf)<\/a>. The company is planning to increase its market share in the UAE and five other countries it is currently operating in including India, Saudi Arabia, Oman, Bahrain and Egypt, the company said in a separate DFM disclosure (pdf)<\/a>. <\/p>\n

What we know:<\/strong> The company\u2019s board of directors is yet to decide whether to issue the bonds or sukuk in one or more tranches, the statement said. The bonds \u2014 which will either be issued by Tabreed directly or through one of its special purpose vehicles \u2014 will be offered at a margin not exceeding the prevailing market rate for companies with similar credit ratings, the statement noted.<\/p>\n

Tabreed\u2019s first international partnership was with India:<\/strong> The cooling company signed an agreement with the regional government of India\u2019s Telangana state to explore investments<\/a> in the district cooling sector of Hyderabad last September. Tabreed \u2014 which partnered with the IFC on a USD 400 mn, five-year expansion into India back in 2021<\/a> \u2014 is looking to set up infrastructure to reduce 200 MW of electricity demand in the Indian city. <\/p>\n

The company has also been busy back home\u2026:<\/strong> Tabreed has 75 plants operating in the Emirates. Amongst the projects is a partnership with the Abu Dhabi National Oil Company (Adnoc) to establish the region\u2019s first geothermal cooling plant<\/a> in Abu Dhabi\u2019s Masdar City and a district cooling pilot project using nanofluid tech<\/a> which was completed last November. <\/p>\n

\u2026 And secured some funding recently:<\/strong> Tabreed successfully closed its inaugural Green Revolving Credit Facility for AED 600 mn<\/a> back in December. The five-year financing agreement aims to introduce highly efficient cooling solutions in the GCC market, focusing on sustainable and innovative technologies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The funds will further expansion and company plans.<\/p>\n","protected":false},"author":1,"featured_media":83181,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,11,200,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseclimate","tag-tabreed","tag-uae","wpautop","entry"],"acf":{"mongo_id":"f7013a4f-ac5b-4f54-9044-2c5a083218fe","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/2576.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tabreed on track to issue USD 1 bn bond + sukuk this year","related_issue":[83175],"teaser":"The funds will further expansion and company plans.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.152ad916-6c87-4294-8c65-c979a85dc916.mp3"},"yoast_head":"\nTabreed on track to issue USD 1 bn bond + sukuk this year - 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