Tabreed wins Dh1bn contract

United Arab Emirates' Tabreed is heading a consortium that has acquired a concession to provide district cooling services in Abu Dhabi worth Dh1.05 billion ($285.9 million), the firm said on Thursday.

The 30-year contract involves buying the existing district cooling provider to Al Maryah Island in Abu Dhabi and will be funded through a combination of equity and a 20-year loan provided by First Gulf Bank, Tabreed said in a statement on Dubai's bourse.

Tabreed's consortium includes Mubadala Infrastructure Partners, an affiliate of Abu Dhabi state-owned investment fund Mubadala.

Mubadala holds a 14.3 percent stake in Tabreed, according to Thomson Reuters data.