Saudi Tabreed is currently implementing and managing projects for central cooling plants with a total capacity of 779,000 tons, and is also cooperating with major companies in Saudi Arabia, including Aramco.
Deputy Governor and Head of the General Department of Middle East and North Africa Investments in the Saudi Public Investment Fund, Yazid Al-Homaid, said that the new acquisition of the percentage in the Saudi Tabreed Company supports the Public Investment Fund’s strategy that aims to achieve economic diversification, especially with the expectation of growing the size of the district cooling market in kingdom in the coming period.
For his part, Chairman of the Board of Directors of “Saudi Tabreed”, Muhammad Abunayyan, said: “The joining of the Public Investment Fund as one of the main shareholders in the company will enhance its position,” noting that the company’s being part of the Public Investment Fund’s portfolio will contribute to its financial performance.
The Public Investment Fund has a number of strategic investments in low-carbon sectors such as electric vehicles and solar energy projects, in which the fund aims to develop 70 percent of the renewable energy generation capacity in the Kingdom by 2030.
The fund’s various investments in the renewable energy sector include ACWA Power, the Sudair solar energy project, the Shuaiba solar energy project, the electric vehicle sector, and others.
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