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

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

- Saudi Tabreed develops sustainable cooling systems for some of the largest projects in Saudi Arabia

- District cooling systems are energy-efficient, help preserve the environment, and reduce carbon dioxide emissions

- Investment supports PIF’s strategy to enable and develop promising sectors, and contributes to the economic diversification goals outlined in Vision 2030

- Investment will support Saudi Arabia’s transition to sustainable and more efficient use of energy

Riyadh, Saudi Arabia: The Public Investment Fund (“PIF” or “the Fund”) announced today 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 tonnes of refrigeration (TR) via contracts with major companies in Saudi