CVC DIF and district cooling company Tabreed have forged a partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group for approximately AED 3.8 billion ($1.03 billion).
PAL is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight long-term concession agreements and partnerships with master developers, including Aldar Properties, Modon and Imkan.
The company is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial center of Abu Dhabi. It is poised to benefit from the expected development ramp-up, with future network expansion already licensed by Abu Dhabi’s Department of Energy.
The transaction includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island. The concessions are serviced by five existing, sustainable d
