17/08/2017 07:30 AST

The National Central Cooling Company (Tabreed) has announced the successful completion of an investment of approximately Dh2.8 billion ($762.32 million) by Engie, a global energy company, to acquire 40 per cent of Tabreed shares, a Wam news agency report said.

Headquartered in France, Engie is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services with a successful heritage spanning over a century.

Jasim Thabet, CEO of Tabreed, said: "With the successful completion of the transaction and major investment in Tabreed by global energy leader Engie, Tabreed is a regional company that is becoming international. We look forward to harnessing Engie’s best in-class operational and project financing excellence, which will build on our financial strength and leading market position to support us in the next phase of our ambitious growth plans."

He added: "With the region’s growing cooling demand driven by population growth and investment in key infrastructure and development projects, our focus remains on the GCC while we will evaluate opportunities outside the region."

Engie acquired the 40 per cent stake from Mubadala Investment Company, the Abu Dhabi-based strategic investment company. Mubadala retains a 42 per cent stake in Tabreed following the transaction.

In June this year, Engie and Mubadala also agreed certain cooperation arrangements that are designed to support Tabreed's growth strategy and management team, as long-term shareholders in the company. Through the partnership with Mubadala, Tabreed will become one of Engie's main regional development platforms, an Engie statement said in June.

Tabreed is a partner of choice for organisations across the GCC in providing environment-friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over one million refrigeration tons (RT) to key developments in the region.

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