UAE-based energy services company Taka Solutions announced on Monday the launch of pay-per-use Cooling-as-a-Service (CaaS), which aims to decrease energy consumption and associated costs at chiller plants across the UAE.

Under CaaS, customers can eliminate upfront investment and operational expenditure and instead pay per unit of cooling consumed wherein Taka will install and maintain the chiller plant in return for a pre-agreed charge for the actual supply and consumption of cooling, according to a press statement by the company.

Taka also announced that it signed its first CaaS project with Green Coast Real Estate (GCRE) for their 11-storey residential Port Saeed building, located in Deira.

As part of the project, Taka Solutions will be financing the replacement of the chiller plant with no capital expenditure to GCRE. The plant will also be fully operated and maintained by Taka Solutions for the contractual duration of 15 years, after which the plant will be handed back to GCRE at no further cost.

In addition to avoiding the cost of installing a new chiller plant by GCRE, the new equipment will generate an overall savings of more than 2 million UAE dirhams ($544,510) in utility costs, reducing the total energy expenditure and carbon footprint over the contract period, the statement said.

It said CaaS scope includes combinations of total chiller and auxiliary equipment replacement with state-of-the-art equipment and technology, retrofit, upgrade, refurbishment and full recommissioning of existing equipment, redesign of pump and pipework layout and other energy saving opportunities. Additionally, customers can offload all liabilities and risks associated with their chiller plant, including equipment breakdowns and maintenance.

Mohammed Abdulghaffar Hussain, Chairman, Taka Solutions and Chairman and Co-Founder, Positive Zero said: “The introduction of CaaS follows the recent launch of Positive Zero, an integrated energy transition platform and parent company to Taka Solutions. Positive Zero aim to provide fully financed sustainable energy solutions enabling the transition to a net zero economy.”

Mansoor N Hussain, CEO of GCRE said: “We are excited to sign our first CaaS contract in the UAE with Taka Solutions for one of our major developments in Dubai. This allows us to focus on our core business areas and leave our cooling needs to the experts.”

The statement didn’t disclose investment or contract values.

(Reporting by SA Kader; Editing by Anoop Menon)