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The King Salman Park Foundation has signed an agreement with Saudi Tabreed for King Salman Park’s first district cooling plant with a capacity of 60,000 tonnes of refrigeration (TR) over the next 25 years.
The agreement, on a build, own, operate, transfer (BOOT) basis, will meet the infrastructure and cooling demands of the park, the state-owned Saudi Press Agency reported.
As part of this agreement, the King Salman Park Foundation will off-take 20,000TR allocated for the first phase of the park. The remaining 40,000TR will be provided based on market demand and with project completion.
Saudi Tabreed will provide the latest cooling and air-conditioning systems through a centralised plant, reducing power generation requirements and electricity consumption.
The cost and completion timeline of the district cooling plant was not given.
King Salman Park is a transformative urban regeneration project and includes the Royal Arts Complex, the Visitor Pavilion, and several museums.
Earlier this week, King Salman Park Foundation launched the 4 billion Saudi riyals ($1.07 billion) King Salman Park Real Estate Development Fund, a mixed-use real estate development project focusing on investments in land plots in the park.
(Writing by P Deol; Editing by Anoop Menon)
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