Through participation in a specialist network of cold in the region of the Persian Gulf, Engie seeks to become a leader in the energy transition and, in particular, networks of cold, which can cool entire neighbourhoods with a low carbon footprint.
The French Engie is already widely present in the Gulf region, where it has capacity gross generation high power (30 GW), and large capacity of sea water desalination (4.5 million m3 per day). It has agreed to acquire 40 % of the share capital of Tabreed, in order to become a shareholder of reference, in the second rank behind the company’s strategic investments Mubadala of Abu Dhabi.
- Engie and Schneider Electric partner for the management of EnR
The two shareholders have also entered into cooperation agreements to support the development of the company over the long term. It is anticipated that Tabreed will become “one of the main development platforms for Engie for networks of cold in the region“. Actor of stature in the Middle East, the company offers innovative solutions for air conditioning in the context of infrastructure projects in the united arab Emirates and other member countries of the cooperation Council of the Gulf (Dubai, saudi Arabia). It distributes over one million tons of cold produced by its 71 mills that are dedicated to cooling the urban. Of the negative kilocalories, which are used to refresh the Dubai metro, the mosque of Sheikh Zayed in Abu Dhabi or the project Jebal Omar to Mecca.
The urban networks of energy, pillars of sustainable cities
- The network of cold, an asset at low temperatures
- The Seine refreshes Paris, thanks to a network of district cooling
Isabelle Kocher, the director-general of Engie, concludes : “With 30 years of experience in the countries of the Gulf and international expertise in the urban networks of cold and heat, Engie will accompany the growth of Tabreed to provide people with a low energy, carbon efficient, on a large scale. The urban networks of energy are the pillars of sustainable cities : they are the fastest way and effective for décarboner dense areas and supplies of clean and renewable energy“.
The transaction, subject to the approval of regulatory authorities of the Emirates, represents a global amount of 700 M€ for Engie. The finalization is expected for the third quarter of 2017.