Tabreed and CVC DIF Team Up for AED 3.8 Billion Acquisition of PAL Cooling

CVC DIF, the infrastructure investment strategy of global private markets manager CVC, and Tabreed, a leader in district cooling, have partnered to acquire PAL Cooling Holding from Multiply Group. The transaction has an equity value of approximately AED 3.8 billion (approximately EUR 915 million) and comprises long-term concessions on Abu Dhabi's main island and Al Reem Island. Currently, PAL Cooling operates five district cooling plants with a connected capacity of 182,000 refrigeration tons, with expectations to expand to nine plants and eight concessions, totaling about 600,000 refrigeration tons. The acquisition underscores significant growth potential in the UAE's district cooling sector, leveraging PAL Cooling's existing partnerships and infrastructural strength in areas like Al Reem Island, a pivotal zone within Abu Dhabi's financial center.