Dubai – Mubasher: National Central Cooling Company (Tabreed) on Wednesday announced that it has entered into a 30-year concession for a contracted cooling capacity of 20,000 refrigeration tonnes (RTs) with Andhra Pradesh Capital Region Development Authority (APCRDA).
Under the agreement, Tabreed will build, own, operate and transfer India’s first district cooling system in Amaravati, the new capital of Andhra Pradesh, according to a filing to the Dubai Financial Market (DFM).
The contract is Tabreed’s first plant outside its GCC market, the leading UAE-based regional district cooling utility noted, giving no further details on its value.
The new cooling system comes along with the Indian state of Andhra Pradesh’s vision for Amaravati to create jobs and homes along with a world-class infrastructure, a green city, and efficient resource management.
Moreover, the system will meet cooling requirements for the State’s Assembly, High Court, Secretariat and other government buildings that are currently under construction.
“Our focus will be on delivering high quality and cost-effective cooling solution to provide long-term benefits for the Andhra Pradesh government,” Jasim Husain Thabet, CEO of Tabreed, commented.
By 11:12 am UAE time, Tabreed’s stock fell 3.53% at AED 1.64.
