KSA’s sovereign wealth fund, the Public Investment Fund (PIF), has closed the acquisition of a 30% stake in Saudi Tabreed through a private placement that was first announced in December, it confirmed in a statement yesterday. Saudi Tabreed is the Saudi arm of DFM-listed National Central Cooling Company Tabreed. The stake PIF acquired was estimated to be worth some USD 250 mn, Bloomberg noted in December.

About Tabreed and Saudi Tabreed: Saudi Tabreed currently manages some 779k tons of refrigeration in KSA through contracts with major companies including Aramco’s Dhahran district cooling plant, the Jabal Omar district cooling plant in Mecca, the district cooling scheme at Riyadh’s King Khalid International Airport, and a centralized cooling plant at Dhahran’s Amaad business park, the statement notes. It’s also the exclusive cooling services provider for the Red Sea Project. Tabreed provides district cooling services across the GCC region, with 86 plants currently in operation.