ABU DHABI, UAE: National Central Cooling Company PJSC (DFM: Tabreed) has introduced the publication of a Green Financing Framework, which will assist the corporate meet its commitments and finance new projects to support its enterprise technique and vision.
The framework enables Tabreed to issue inexperienced bonds and loans, with the ensuing net proceeds for use for financing ‘Eligible Green Projects’ which include its core enterprise of constructing, buying and working District Cooling schemes, in addition to projects associated to Energy and Water Efficiency and Wastewater Management.
The framework is accompanied by a Second Party Opinion from Sustainalytics, a leading, global ESG ratings agency. This Framework and Second Party Opinion demonstrate the sustainable nature of Tabreed’s District Cooling operations, which utilise 50% much less energy than conventional cooling, whereas offering an important service within the GCC and wider region.
Tabreed’s Green Financing Framework has been developed in accordance with the ICMA Green Bond Principles (GBP) 2021 and the Loan Market Association (LMA) Green Loan Principles (GLP) 2021, and can be ruled by a multidisciplinary administration committee led by the Group’s Chief Financial Officer.
Adel Salem Al Wahedi, Tabreed’s Chief Financial Officer, said this new framework will support Tabreed’s sustainability-driven imaginative and prescient and growth. “We are convinced,” he said, “that this will align our operations with the United Nations’ and UAE’s sustainable development goals. Around the world, governments and public establishments are adopting ambitious sustainability agendas and at Tabreed we’re supporting the UAE’s efforts on this regard.
Our investors and stakeholders belief us to lead the drive for sustainability within the district cooling and energy sector, and this inexperienced monetary framework will profit builders and communities alike, in addition to present Tabreed with its personal extra capability for significant growth.”
The framework will additionally profit Tabreed’s investors, shareholders, staff and customers, enabling the corporate to draw inexperienced debt and fairness funds to make investments in its business.
Additionally, the second party opinion received from Sustainalytics provides strong support for Tabreed’s ESG credentials, the report stating they were “confident that Tabreed is well positioned to issue Green Financing Instruments and that the Tabreed Green Financing Framework is robust, clear and in alignment with the 4 core components of the Green Bond Principles 2021 and Green Loan Principles 2021”.
www.tabreed.ae