PIF announces completion of acquisition of a 30% stake in Saudi Tabreed

PIF announces completion of acquisition of a 30% stake in Saudi Tabreed

RIYADH — The Public Investment Fund (PIF) announced Sunday the completion of its acquisition of a 30% stake in the Saudi Tabreed District Cooling Company (Saudi Tabreed), a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia.

The investment supports PIF’s efforts to grow and develop the local utilities and low-carbon sectors.

Saudi Tabreed offers highly efficient solutions that drive reductions in power consumption and the costs of operation and maintenance, as well as encouraging alternatives to traditional air conditioning systems.

District cooling is recognized as one of the most energy-efficient cooling solutions, due to its ability to conserve natural resources, making a major contribution to the reduction of greenhouse gases.

Saudi Tabreed currently manages 779,000 tons of refrigeration (TR) via contracts with major companies in Saudi Arabia.

This includes Saudi Aramco’s Dhahran district cooling plant, the Jabal Omar district cooling plant in the city of Makkah, the district cooling scheme at King Khalid International Airport in Riyadh, and a centralized cooling plant at the AMAAD Business Park in Dhahran.

Saudi Tabreed also serves The Red Sea project, which is a key part of Saudi Arabia’s Vision 2030.

Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF,