CVC DIF and Tabreed Partner to Buy PAL Cooling Holding in AED 3.8 Billion Deal

CVC DIF and Tabreed Partner to Buy PAL Cooling Holding in AED 3.8 Billion Deal

(IN BRIEF) CVC DIF and Tabreed are set to acquire PAL Cooling Holding from Multiply Group for about AED 3.8 billion, consolidating eight long-term district cooling concessions across Abu Dhabi’s main island and Al Reem Island. Five existing plants provide 182,000 RT of capacity, with one more under construction and three in planning—targeting a total network size of around 600,000 RT. Established in 2006, PAL partners with major developers like Aldar, Modon, and Imkan. The deal, awaiting regulatory approval, leverages Al Reem Island’s fully licensed expansion potential under the ADGM free zone and Abu Dhabi’s Department of Energy guidelines.

(PRESS RELEASE) LUXEMBOURG, 30-Jun-2025 — /EuropaWire/ — CVC DIF—CVC’s dedicated infrastructure strategy—and Tabreed, the world’s foremost district cooling provider, have joined forces to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group in a transaction valued at roughly AED 3.8 billion (equity). This partnership secures three long-term district cooling concessions on Abu Dhabi’s main island and five on Al Reem Island, pending standard regulatory clearances. Currently, five cutting-edge, sustainable cooling plants serve these eight concessions, delivering 182,000 refrigeration tons (RT) of capacity as of December 2024. Beyond the existing infrastructure, PAL is advancing an additional plant under construction and planning three more, propelling the total network toward an anticipated operational connected load of approximately 600,000 RT.

Founded in 2006, PAL Cooling Holding is a leading UAE district cooling specialist, supplying landmark residential, commercial, and mixed-use developments under eight concession agreements. Its strategic alliances with top master developers—Aldar Properties, Modon, and Imkan—underscore its strong market position, particularly on Al Reem Island. Now fully integrated into the ADGM free zone, Al Reem Island stands poised for significant growth, with Abu Dhabi’s Department of Energy already licensing future network expansions.

Media Contact:

Patrick Humphris
Managing Director, Head of Corporate Affairs
CVC
Tel: +44 204 576 9526
phumphris@cvc.com

SOURCE: CVC