You are here: Home » Companies » News
Business Standard

Tabreed, IFC to invest $400 mn for cooling infra in India, Southeast Asia

The JV will invest in district cooling, trigeneration and cooling as a service offering with a primary focus on India followed by other South-East Asian countries

IFC | Southeast Asia | India

Press Trust of India  |  Mumbai 

Supermarket image via Shutterstock.
Photo: Shutterstock

UAE's National Central Cooling Company or Tabreed, and International Finance Corporation (IFC) on Wednesday announced plans to invest USD 400 in and South-East Asian countries to build cooling service infrastructure.

Tabreed and IFC, a member of the World Bank Group, have formed a joint venture to establish a district energy investment platform in Singapore, as per an official statement.

The JV will invest in district cooling, trigeneration and cooling as a service offering with a primary focus on followed by other South-East Asian countries, it said.

"Platform to target USD 400 million in capital deployment in and other South-East Asian countries," the statement said, without specifying the exact allocation to the countries.

Tabreed has ongoing development activities in India and the platform will build on the same after the establishment of its wholly-owned subsidiary to install energy-efficient end to end cooling as a service offering through an outsourced utility model for real estate developments, new urban masterplans and ongoing redevelopments across target cities.

The government India Cooling Action Plan' forecasts 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, it said.

The cooling as a service market is at a relatively embryonic stage in India and real estate developers make their own individual and varied cooling technology choices, funding Capex from their balance sheets to thereafter work with a fragmented ecosystem of service providers leaving significant headroom, the statement 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," Tabreed's chief executive Bader Saeed Al Lamki said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, March 03 2021. 21:37 IST