Dubai-listed Tabreed announces $163mln green revolving credit facility

Dubai-listed cooling company Tabreed has announced a $163 million (AED 600 million) green revolving credit facility for sustainable solutions with Abu Dhabi’s FAB as the green coordinator, as well as ADCB and Emirates NBD.

The five-year loan agreement is intended to introduce efficient cooling solutions to the GCC market.

The funds will be allocated to finance projects and investments that adhere to Tabreed’s Green Finance Framework, established in 2022, including the development, procurement, and operation of District Cooling schemes.

The funds will also support projects dedicated to enhancing energy and water efficiency and those focused on proficient wastewater management, Tabreed said in a statement.

Chief Financial Officer, Adel Al Wahedi, said: “By allocating the proceeds exclusively to green projects, we aim to make a significant impact on environmental preservation and drive advancements in cooling technologies.

Source: Zawya