Dubai, United Arab Emirates: Emirates District Cooling Company (EMICOOL), a joint venture between Dubai Investments, a leading investment company listed on the Dubai Financial Market (DFM) and Actis LLC, a leading global investor in sustainable infrastructure, has signed a Power Purchase Agreement with Emirates Electrical Engineering (EEE), one of the solar market leaders in the UAE. The agreement confirms the company is increasing its solar capacity by 238% within its District Cooling Plant 1 (DCP1) along with its head office boundaries, located in Dubai Investments Park 1.
The agreement aligns with EMICOOL's strategic objectives towards maximizing the penetration of clean and renewable energy to their processes and supports energy transition into low carbon emissions, increasing the overall solar penetration to portfolio. With the latest solar facade transformation project, EMICOOL aims to reach 350 KWP (Solar Productive Capacity) for the DCP1 plant.
Dr Adib Moubadder, Chief Executive Officer at EMICOOL, commented: “As an important economic player within the UAE, Emicool is pursuing efforts to support and enhance the nation’s national strategies like the Dubai Integrated Energy Strategy 2030 as well as the UAE’s 2050 Strategy, contributing to the Company’s wider sustainability agenda. We are always focussed on integrating the latest technology to reach net-zero and this partnership will greatly impact our business by maximizing and reshaping already existing objectives to improve green energy penetration and contribute to enhancing the quality of life.”
EMICOOL operates in a well invested business model, that has grown to a platform of 18 operational DC (District Cooling) plants, having a total cooling capacity of more than 330,000 TR. The company has a proven track record in supplying cooling services with thousands of satisfied customers located in several areas. Emicool provides district cooling services to DIP, Dubai Motor City, Dubai Sports City, Uptown Mirdif, Palazzo Versace, Damac Hills and Mirdiff Hills, Night Souk by Nakheel, RTA Metro Stations (Expo line), and DWTC at the Expo 2020 site.
About Dubai Investments
Dubai Investments PJSC is a leading investment company listed on the Dubai Financial Market with over 15,944 shareholders, a paid-up capital of AED 4.25 billion and total assets of AED 22 billion. Incorporated in 1995, the company has grown exponentially with investments in several businesses across diverse sectors. Dubai Investments portfolio includes key businesses with 34 different companies. Since its inception, Dubai Investments has introduced cutting-edge technologies, pioneering business models, unique investment strategies and innovative concepts, driving progress across key sectors and markets including real estate, building materials, construction and contracting, education, healthcare, financial services and other services. www.dubaiinvestments.com
About Emirates District Cooling Company (EMICOOL)
Emirates District Cooling LLC (Emicool), a wholly owned subsidiary of Dubai Investments, is a leading district cooling service provider in the UAE. The company was established in 2003 with headquarters at Dubai Investments Park (DIP). Emicool ensures continuously exceeding customer expectations by providing district cooling services through its competent work force which delivers world-class levels of reliability, efficiency, safety and environmental sustainability. Since its inception, the company has achieved considerable success and currently provides services to DIP, Dubai Motor City, Dubai Sports City, Uptown Mirdif, Palazzo Versace, Damac Hills and Mirdiff Hills, Night Souk by Nakheel, RTA Metro Stations (Expo line) & DWTC at Expo 2020. www.emicool.com
Actis is a leading global investor in sustainable infrastructure. We deliver competitive returns for institutional investors and measurable positive impact for countries, cities, and communities in which we operate. Our global experience, operational knowhow and strong culture allow us to create global sustainability leaders. We do it at scale. And have been doing so for decades. Since inception, we have raised US $24 billion to invest in a better tomorrow. Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. The firm has consistently been awarded the highest rating score in the UN Principles for Responsible Investment (PRI) independent assessment. www.act.is