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Dubai-listed Tabreed has entered the Indian market with its first district cooling transaction in the country in alliance with TATA Realty, part of Indian conglomerate Tata Sons.
The company said today that the deal included an INR 100 crore ($12 million) investment in TATA Realty’s Intellion Park special economic zone (SEZ) development in Gurugram, northern India.
Tabreed will acquire the existing cooling infrastructure at the Intellion Park development, with a total area of 3.5 million sq.ft. and develop additional capacity to meet rising demand for cooling services, which Tabreed said is to grow by 800% across India over the next 15 years.
Unlike standard Indian cooling facility market practice, in which real estate developers own and operate cooling assets through facility management contracts, Tabreed will itself provide cooling solutions for tenants of Intellion Park.
Tabreed chairman Khaled Abdulla Al Qubaisi, said: “We expect to see large-scale adoption of district cooling in India as demand for real estate and cooling grows at a rapid pace.”
India’s Ministry of Environment, Forest and Climate Change forecasts that aggregated cooling demand will rise eightfold by 2037-38, with cooling expected to account for 45% of peak energy demand across the country by 2050, Tabreed said.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
