IDB Infrastructure Fund II invests in Saudi Tabreed
03 May 2018
Saudi Tabreed District Cooling Company (“Saudi Tabreed” or the “Company”), the leading district cooling scheme developer in the Kingdom of Saudi Arabia, announced today the acquisition by the IDB Infrastructure Fund II (the “Fund”) of a significant minority stake in Saudi Tabreed.
The sponsors of the Fund are the Islamic Development Bank (“IDB”), the Public Investment Fund of the Kingdom of Saudi Arabia (“PIF”), the Public Pension Agency of the Kingdom of Saudi Arabia (“PPA”), the Ministry of Finance of the Kingdom of Bahrain and the Ministry of Finance of the Sultanate of Brunei Darussalam. The Fund invests in infrastructure sectors across the 57 member countries of the IDB and the member countries of the Association of South East Asian Nations (“ASEAN”).
The Company Chairman Mr. Mohammed Abunayyan said, “The Fund’s interest in Saudi Tabreed is a strong endorsement of Saudi Tabreed’s leadership and its leading market position. He further emphasized that the inclusion of the Fund in the shareholder base is of strategic importance and the investment will contribute towards the next phase of our ambitious growth plans with main emphasis on the value adds of district cooling scheme outsourcing under long term concessions from the government perspective following the vision 2030.”
Saudi Tabreed is the leading provider of environmentally friendly district cooling solutions in the Kingdom of Saudi Arabia. The Company currently has a contracted capacity of 349,000 tons of refrigeration. The company currently operates district cooling plants in Saudi Aramco, Jabal Omar Development, King Khalid International Airport, King Abdullah Financial District, Al Ra’idah Digital City and Qurayyah Independent Power Plant. Its shareholders include ACWA Holding, National Central Cooling Company (Tabreed UfeaAE), Almutlaq Group and LAMA Holding.