The UAE's National Central Cooling Company, also known as Tabreed, and Netherlands-based fund CVC DIF have completed the acquisition of Abu Dhabi’s PAL Cooling from Multiply Group after regulatory approval, as it seeks to strengthen its long-term, concession-backed business model.
The transaction, with an equity value of Dh3.87 billion ($1.1 billion), is expected to add about 600,000 refrigeration tonnes (RT) of connected capacity across eight concessions on Abu Dhabi’s main island and Reem Island.
The portfolio is currently served by five existing district cooling plants, with one more under construction and three in advanced planning stages, Tabreed said in a statement on Monday. PAL Cooling has eight long-term concessions and partnerships with real estate developers, mostly on Abu Dhabi’s Reem Island.
The acquisition “immediately increases Tabreed’s pro forma connected capacity by 13 per cent to 1.55 million RT and introduces long-tenor contracts averaging 25 years with high-quality off-takers, including Aldar, Modon and Imkan”, the statement added.
PAL has concession agreements with major developers, including Aldar Properties, Modon and Imkan to provide cooling services.
Abu Dhabi investment company Multiply Group said the transaction would enhance its capacity to redeploy capital into new and existing verticals.
Samia Bouazza, group chief executive and managing director of Multiply Group, said the agreement marked "a deliberate exit and a natural liquidity event".
Tabreed said it also finalised a long-term concession agreement with Dubai Holding Investments within the past four weeks to provide district cooling services to Palm Jebel Ali.
Concession agreements allow companies to operate businesses on government or third-party properties under specific terms, Investopedia said. These transactions will boost operational capacity, diversify its concession portfolio and enhance long-term cash flow visibility, the company said.
“These are strategic infrastructure assets with strong fundamentals and meaningful future upside,” said Tabreed chairman Bakheet Al Katheeri.
Tabreed, which is listed on the Dubai Financial Market, provides district cooling services to developments including Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island and Dubai Metro.
The company owns and operates 94 plants − 76 in the UAE and 18 in regional markets, including Saudi Arabia, Oman, Bahrain, India and Egypt, in addition to other international projects and operations.
Tabreed bought a majority stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48 billion in 2021.
CVC DIF is a global mid-market infrastructure equity fund manager with €19 billion ($22.3 billion) of infrastructure assets under management in energy transition, transport, utilities and digitalisation. It is part of CVC, a global private markets manager with €202 billion of assets under management.
PAL Cooling Holding, which was founded in 2006, was acquired by Multiply Group in July 2021. Since then, it has been integrated under Multiply's energy and utilities vertical.
Khalid Al Marzooqi, chief executive of Tabreed, said the PAL transaction will strengthen the company’s operational presence in Abu Dhabi by adding long-term, stable contracts with “blue-chip developers”.
Meanwhile, the Dh1.5 billion Palm Jebel Ali project will be executed in phases through a joint venture, where Tabreed holds a 51 per cent stake and Dubai Holding Investments owns the remaining 49 per cent. The agreement is expected to deliver 250,000 RT of cooling capacity, the statement added.
Tabreed will operate and maintain all assets under both agreements. “The transaction structures ensure capital efficiency – PAL Cooling acquisition is funded through equity contribution by both partners and non-recourse, project-level debt, while Palm Jebel Ali is being delivered through a joint venture fully consolidated by Tabreed,” the company said.
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