Dubai – Mubasher: National Central Cooling Company (Tabreed) has signed an agreement with Mubadala Infrastructure Partners to acquire an additional 50% stake in AlWajeez Development Company, the district cooling provider to the developments on Al Maryah Island in Abu Dhabi, in exchange for AED 311.5 million.

The transaction has raised Tabreed's stake in AlWajeez Development Company to 100%, according to a press release on Sunday.

Tabreed will continue to operate Al Maryah's 80,000 refrigeration ton district cooling scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties, a wholly-owned subsidiary of Mubadala Investment Company. 

The transaction is the fourth major acquisition for Tabreed in less than two years, following its acquisition of an 80% stake in Emaar’s Downtown Dubai network, Aldar’s Saadiyat Island plant, and the Masdar City district cooling scheme in Abu Dhabi.

Commenting on the transaction, Tabreed’s CEO, Khalid Abdullah Al Marzooqi, said: "Since the start of our operations at Al Maryah island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability."

Meanwhile, Al Marzooqi commented: "They have significantly increased overall efficiency and reliability while reducing total carbon emissions for the UAE, further highlighting that district cooling continues to be a key component of the UAE’s energy strategy and for developing nations in the region and internationally."