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CORRECTED-UAE's Tabreed acquires $286 mln cooling services contract
July 10, 2014 / 6:02 AM / 3 years ago

CORRECTED-UAE's Tabreed acquires $286 mln cooling services contract

(Changes para 3 to show a Mubadala affiliate, not Mubadala, is part of consortium)

DUBAI, July 10 (Reuters) - United Arab Emirates’ Tabreed is heading a consortium that has acquired a concession to provide district cooling services in Abu Dhabi worth 1.05 billion dirhams ($285.9 million), the firm said on Thursday.

The 30-year contract involves buying the existing district cooling provider to Al Maryah Island in Abu Dhabi and will be funded through a combination of equity and a 20-year loan provided by First Gulf Bank, Tabreed said in a statement on Dubai’s bourse.

Tabreed’s consortium includes Mubadala Infrastructure Partners, an affiliate of Abu Dhabi state-owned investment fund Mubadala.

Mubadala holds a 14.3 percent stake in Tabreed, according to Thomson Reuters data.

$1 = 3.6729 United Arab Emirates Dirhams Reporting by Praveen Menon; editing by Matt Smith

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