The Public Investment Fund (PIF) has announced the acquisition of a 30% stake in the Saudi Tabreed District Cooling Company (Saudi Tabreed).

The transaction supports the PIF's efforts to grow and develop the local utilities and low-carbon industries are aided by investment. Saudi Tabreed provides highly efficient solutions that reduce power consumption and operating and maintenance expenses while also encouraging alternatives to standard air conditioning systems. 

Saudi Tabreed controls 779,000 tonnes of refrigeration (TR) through contracts with major Saudi Arabian enterprises. This comprises Saudi Aramco's Dhahran district cooling plant, Makkah's Jabal Omar district cooling plant, Riyadh's King Khalid International Airport's district cooling scheme, and a centralized cooling plant at the AMAAD Business Park in Dhahran.

PIF has a strong track record of investing in the low carbon sector including electric vehicles and solar energy projects. As a part of a commitment, PIF is anticipated to develop 70% of Saudi Arabia’s renewable energy by 2030.