UAE's Tabreed lands its first major district cooling deal in India, with Tata Realty
UAE firm to invest Dh44.3m in Tata Realty owned Intellion special economic zone
Dubai: The UAE district cooling company Tabreed has made its first major breakthrough in India, through a ‘strategic alliance’ with Tata Realty & Infrastructure Ltd..
It will see an investment of Dh44.34 million into Tata Realty’s Intellion Park special economic zone in Gurugram. Tabreed will thus acquire the existing cooling infrastructure at the Intellion Park development, which covers a total area of 3.5 million square feet. It will develop additional capacity to meet the economic zone’s demand for cooling services.
“As the world’s most populous country and one of the fastest growing economies, India will be a key strategic market and important partner for Tabreed as we expand our international presence,” said Khaled Abdulla Al Qubaisi, Chairman of Tabreed.
Developers in India are allocating 'significant capital' on HVAC systems for new buildings as well as 'highly-inefficient existing buildings' to achieve their net zero goals. India’s Ministry of Environment, Forest and Climate Change forecasts that aggregated cooling demand will rise eight-fold by 2037-38, with cooling expected to account for 45 per cent of peak energy demand across the country by 2050.
"Through demonstrating the value of cooling services at Intellion Park, Tabreed intends to pave the way for more rapid adoption of district cooling in India," said a statement. Thus 'easing the burden of upfront costs for developers to inspire more sustainable cooling solutions for the Indian real estate sector, set to witness its fastest global increase in cooling-related energy demand'.
Tata Realty operates India’s first net-zero certified commercial real estate campus. Through Tabreed, the company is launching ‘cooling as a service’ in India.
Along with India, Egypt and Saudi Arabia are the other prime overseas territories for Tabreed. In the recent past, the company has picked up projects in both the regional markets. In fact, the Saudi wealth fund PIF is a stakeholder in Tabreed's venture in the Kingdom.