Public Investment Fund acquires 30% stake in Saudi Tabreed
The deal is in line with Saudi Public Investment Fund's initiatives to promote local utilities and low-carbon sectors of the region.
Saudi Arabia’s Public Investment Fund (PIF) has acquired a 30% stake in Saudi Tabreed District Cooling Company. The investment is in line with PIF's commitment to develop the region's utilities and low-carbon sectors.
Saudi Tabreed manages 7.79 lakh tonnes of refrigeration with major companies through contracts in the country. This includes Saudi Aramco’s cooling plant in Dhahran, the Jabal Omar district cooling plant in Makkah, and the Red Sea Project.
The latest investment is a part of PIF's ongoing investments in low-carbon sectors such as electric vehicles and solar energy projects. This is in line with the country's commitment to develop 70% of Saudi Arabia’s renewable energy by 2030, according to Gulf Business.
The announcement also coincided with PIF bagging $5.5 billion from the sale of its second green bond issuance. PIF will allocate this amount to fund-eligible green projects as per its Green Finance Framework, which includes projects related to energy efficiency, renewable energy, green buildings, sustainable water management, pollution prevention and control, and clean transportation.
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Edited by Affirunisa Kankudti