UAE - Mubasher: National Central Cooling Company (Tabreed) and the International Finance Corporation (IFC) are planning to establish a district energy-investment platform in Singapore.
The platform will target $400 million in capital deployment, investing in district cooling, trigeneration, and cooling as a service offering with its primary focus on India followed by other South-East Asian countries.
The joint venture (JV) aims to build on Tabreed’s ongoing development activities in India, following the establishment of its wholly-owned subsidiary in the country. It will seek to provide more energy-efficient end-to-end cooling as a service offering through an outsourced utility model for real estate developments, new urban master plans, and ongoing redevelopments across target cities, according to the company’s statement to the Dubai Financial Market (DFM).
The district cooling developer noted that energy demand in South East Asia is growing twice as fast as the rest of the world.
In India, now the world’s third-largest energy-consuming country, cooling continues to be the largest contributor to this growth with the government’s India Cooling Action Plan forecasting an eight-fold increase in demand through to 2038 and the commercial real estate sector alone estimated to add 100 million refrigeration tons in capacity during this period.
Commenting on this partnership, Bader Saeed Al Lamki, Tabreed’s CEO, said: “The size and dynamism of India and other South-East Asian countries will keep them at the heart of the global energy system with all roads to a successful global clean energy transition going via India. Sustainable cooling plays a crucial role in materializing this vision. As a global leader in creating markets for climate businesses, we are proud to be collaborating with the IFC, who also enjoy a significant advisory and investment presence in the region to help spearhead the development of district cooling and broader cooling as a service market.”