Saudi Tabreed Achieves Financial Closure of SAR 1.84 Billion Project to Provide District Cooling to Saudi Aramco
Saudi Tabreed celebrated the financial closure of the SAR 1.84 Billion District Cooling Project with Saudi Aramco on BOO basis. The project has been financed by Banque Saudi Fransi and is first of its kind in KSA, being done on a limited recourse project-financing basis. Under the project, Saudi Tabreed shall develop, own and operate a District Cooling System to provide cooling services to Saudi Aramco's office complex in Dhahran area.
Saudi Tabreed shall design, construct, finance, own, operate and maintain a centralized cooling plant and a network to supply chilled water to the Saudi Aramco buildings with a cooling capacity of 27,000 Tons expandable to 32,000 Tones Refrigeration under a 25 Year concession.
The agreement between Saudi Aramco and Saudi Tabreed was signed on February 21st, 2010. Commenting in the occasion, Mr. Mohammed Bin Abdullah Abunayyan, Chairman of Saudi Tabreed stated that "This project reflects the keenness of Saudi Aramco to protect the environment. By using a district cooling system, which consumes almost half the electrical energy consumption as compared to that for traditional methods of cooling, and thus would help reducing the greenhouse gas carbon dioxide and its impact on global warming."
Mr. Abunayyan also highlighted that it was of immense pride for Saudi Tabreed to be working on developing the project for an internationally acclaimed company such as Saudi Aramco. He stated that the representatives of Saudi Aramco showed immense professionalism during the discussions and finalization of the Project. This also reflected the keenness of Saudi Aramco towards the participation of the private sector and in the development of current and future projects planned by the company. Saudi Tabreed founded in 2005, is majority owned by the Arabian Company for Water and Power Development (ACWA Holdings), which specializes in development of large infrastructure projects, particularly power and water projects. The other key shareholder of Saudi Tabreed is National Central Cooling Company UAE, "Tabreed", which is the pioneer in development and operations of number of district cooling systems in MENA region.
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