2023-12-15 21:56:15
Tabreed, the national central cooling company, announced the signing of a green financing agreement worth AED 600 million, in partnership with First Abu Dhabi Bank (FAB) as the green coordinator, along with Abu Dhabi Commercial Bank and Emirates NBD.
The financing agreement, which extends for five years, is consistent with Tabreed’s comprehensive sustainability strategy, at a time when the company will allocate the amount of 600 million dirhams, which was raised through cooperative financing, exclusively to finance projects and investments that adhere to Tabreed’s green financing framework. », which was launched in 2022. These projects include developing, purchasing and operating district cooling plants and systems, in addition to investing in enhancing energy and water efficiency, with a focus on effective wastewater management.
Tabreed’s Chief Financial Officer, Adel Al-Wahidi, said: “The financing agreement is a testament to our firm commitment to sustainable practices.
By allocating the proceeds exclusively to green projects, we seek to make a significant positive impact on the company’s journey to preserve the environment and advance development in sustainable cooling technologies.” For his part, Fawaz Abu Sneina, Acting General Manager and Head of Global Corporate Finance at First Abu Dhabi Bank, said: “This partnership is consistent with our commitment to lend, invest and provide sustainable and transitional financing worth more than $135 billion by 2030.” In the same context, a spokesman from Abu Dhabi Commercial Bank said: “This cooperation confirms the bank’s commitment to providing sustainable financing solutions, which contributes to supporting our customers’ efforts in environmental sustainability practices.”
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