PAL Cooling Holding acquisition (8 AD concessions)

PAL Cooling Holding acquisition (8 AD concessions) - a District Cooling Concession in UAE. Capacity 182,000 RT. Winning consortium: Tabreed + CVC DIF consortium. Status: Completed Oct 2025.

Country

UAE

Procurer

Multiply Group (vendor)

City / region

Abu Dhabi

Capacity

182,000 RT

Status

Completed Oct 2025

Tariff

Not publicly disclosed

Winning consortium

Tabreed + CVC DIF consortium - equity: Tabreed / CVC DIF (split not disclosed)

Procurement timeline

• Preferred bidder: Q2 2025
• Commercial close: 30 Jun 2025 (SPA)
• Financial close: Oct 2025 (completion)
• PCOD: Operational

Financing

• Capex: AED 3.87 bn (USD 1.1 bn equity value)
• Tenor: Avg 25 yrs concession life

Technical scope

Process: 5 existing centralised DC plants + distribution

182k RT connected; ultimate ~600k RT across 8 concessions; lifts Tabreed pro-forma capacity ~13% to 1.55M RT

Notes

Secondary M&A, not greenfield tender.

Sources

• Tabreed
• National

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