Emirates District Cooling (Emicool), a leader in sustainable district cooling in the UAE, has secured its first-ever green financing, highlighting its commitment to sustainability and energy efficiency. The agreement was signed by Dr. Adib Moubadder, CEO of Emicool, with representatives from Emicool and partner banks present.
The financing, totaling AED 2.25 billion, is a Syndicated Financing Facility. Dubai Islamic Bank and Abu Dhabi Commercial Bank lead the facility with a 60:40 share. Of the total amount, AED 1.95 billion is designated as Green Financing to fund eligible green projects that align with Emicool’s sustainability goals and the UAE’s green economy vision.
Aligning with UAE’s Green Economy Vision
Dr. Adib Moubadder expressed, “Securing this green financing facility is a testament to our commitment to sustainability and innovation. The funds will optimise our capital structure and expand our energy-efficient cooling services in line with the UAE’s green economy vision.”
Emicool’s strategies fully align with the UAE’s Net Zero by 2050 commitment. By integrating sustainability into its operations and finances, Emicool sets new standards in climate-conscious infrastructure, reinforcing its leadership in the utilities sector.
Optimising Capital for Future Growth
The financing comes with a five-year moratorium and a 12-year facility term, which enhances Emicool’s capital efficiency. These funds will accelerate district cooling projects throughout the UAE and the broader region, focusing on energy efficiency, carbon reduction, and long-term sustainability.
Compliant with Green Loan Principles (GLP), this facility ensures the funds are used for projects that meet environmental criteria. Abdulaziz Bin Yagub AlSerkal, CEO of Dubai Investments’ Industrial Platform, commented, “This green financing milestone validates our strategy of investing in infrastructure that delivers both commercial and environmental value.”
Max Burke, from Actis, added, “Sustainability and responsible investment are central to Actis’ strategy. This financing for Emicool underlines our commitment to supporting environmentally and socially responsible infrastructure.”
Leading the Way in Sustainable Cooling
Emicool’s district cooling systems consistently offer significant energy savings compared to traditional methods, making them an ideal candidate for green financing. Moody’s has awarded a Sustainability Quality Score of SQS3 (Good) to the facility, further affirming Emicool’s alignment with global best practices in sustainable finance.
