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Tabreed, the world’s leading district cooling company, has made a major advancement in its efforts to decarbonise the cooling sector, achieving the ‘Verified Carbon Standard’ at one of its Abu Dhabi plants, certifying carbon credits to offset emissions. Image used for illustrative purpose. Image courtesy: Tabreed
The UAE district cooling company Tabreed has mandated banks for a five-year Reg S dollar-denominated benchmark green sukuk.
Banks mandated include Citi and Standard Chartered Bank as Joint Global Coordinators and Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners. Abu Dhabi Commercial Bank has been mandated as Co-Manager.
Citi, First Abu Dhabi Bank and Standard Chartered are acting as Joint Green Structurers.
A green senior unsecured sukuk offering under the Tabreed Sukuk Programme Limited’s $1.5 billion Trust Certificate Issuance Programme will follow, subject to market conditions.
Last week, the Dubai-listed firm said it was looking to refinance its debt by evaluating various options.
Tabreed posted a full-year net profit of AED 570 million ($155.2 million) for 2024, up by 32% from the previous year.
The company is rated Baa3 (stable) by Moody’s and BBB (stable) by Fitch.
(Writing by Bindu Rai, editing by Daniel Luiz)
