PIF completes acquisition of 30% stake in district cooling company Saudi Tabreed
Saudi Arabia's Public Investment Fund completed the acquisition of a 30 per cent stake in district cooling company Saudi Tabreed as part of its efforts to diversify the kingdom's economy and boost its investments in energy efficiency solutions.
The investment supports “PIF’s efforts to grow and develop the local utilities and low-carbon sectors”, the fund said on Sunday.
The financial terms of the deal were not disclosed.
Saudi Tabreed currently manages 779,000 tonnes of refrigeration through contracts with major companies in the kingdom. This includes Saudi Aramco’s Dhahran district cooling plant, the Jabal Omar district cooling plant in Makkah, the district cooling scheme at King Khalid International Airport in Riyadh, and a centralised cooling plant at the Amaad Business Park in Dhahran.
Saudi Tabreed also serves the Red Sea project.
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