National Central Cooling Company (Tabreed) said it has completed the signing of a Dh193-million ($53 million) long-term limited recourse project finance facility with Emirates NBD for its upcoming district cooling plant in Dubai, UAE.
A leading Abu Dhabi-based district cooling utility infrastructure company, Tabreed said the plant at Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening.
In 2014, Tabreed had signed a long-term concession to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali.
CEO Jasim Husain Thabet said: "Tabreed’s approach to financing new projects is to utilise long-term project funding wherever possible, which we believe is the best way of financing our assets and maximising value for all stakeholders."
"This loan facility with Emirates NBD is a landmark deal as it is amongst the first district cooling transactions completed in the UAE under a limited recourse project finance structure for a greenfield development," he stated.
“We are committed to delivering district cooling services that enable Dubai Parks and Resorts to make significant savings to their energy consumption and positively contribute to the environment,” he added.
Jonathan Morris, the general manager (Wholesale Banking) at Emirates NBD, said: "This is our first collaboration with Tabreed and we are pleased to participate in the financing of the district cooling plant for the new Dubai Parks and Resorts."
"It is an important development which will further support the UAE’s economic diversification efforts and reinforce Dubai’s position as a tourist destination," he added.
On the deal, Dubai Parks and Resorts CEO Raed Kajoor Al Nuaimi said: "We are setting a new milestone in Dubai’s leisure and entertainment industry through our groundbreaking theme parks. As part of our mission to create a truly unique experience, we are working with the very best-in-class partners to ensure the delivery of our project is not only in line with international standards but also takes the environmental and economic impact into consideration."
"We are proud to be working with Tabreed and look forward to working with them," he added.
In addition to Dubai Parks and Resorts, Tabreed provides its district cooling services to many of the region’s iconic developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, besides other landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, The Pearl – Qatar, and the Jabal Omar Development Project in Makkah.