Emicool secures AED 1.95bn Green Financing for District Cooling projects
Dubai, UAE, 24 April 2025: Emirates District Cooling (Emicool), a joint venture between Dubai Investments and Actis, has secured its first green financing agreement. Making the announcement through a Press Release, Emicool said the syndicated financing facility totals AED 2.25 billion, with AED 1.95 billion classified as Green Financing for Eligible Green Projects. Dubai Islamic Bank and Abu Dhabi Commercial Bank are leading the financing with a 60:40 share, respectively, Emicool added.
Dr Adib Moubadder, CEO, Emicool, signed the agreement in the presence of representatives from the company and participating banks, the District Cooling utility provider said.
Emicool said the funding is intended to support the utility’s District Cooling expansion projects across the UAE and the wider region. The facility is structured with a five-year moratorium and a total term of 12 years. The utility provider noted that the format resembles a bond structure and is designed to optimise capital efficiency.
Commenting on the development, Dr Moubadder said: “Securing this green financing facility is a testament to our ongoing commitment to sustainability and innovation. This funding will optimize our capital structure while expanding our energy-efficient cooling services, in line with the UAE’s green economy vision. As a company deeply aligned with the UAE’s Net Zero by 2050 strategy, this milestone reinforces Emicool’s leadership in the green District Cooling space. By embedding sustainability into both our financial and operational strategies, we are driving meaningful change across the utilities sector and setting new benchmarks for climate-conscious infrastructure.”
Actis also commented on the financing. Max Burke from Actis said: “Sustainability and responsible investment are at the heart of Actis’ strategy. This milestone financing for Emicool underscores our vision for supporting environmentally and socially responsible infrastructure projects. We look forward to Emicool’s continued leadership in sustainable District Cooling and contribution to global climate goals.”
According to Emicool, the financing complies with internationally recognised Green Loan Principles (GLP), ensuring that the proceeds are allocated to environmentally responsible projects that focus on energy efficiency and carbon reduction.
The utility provider noted that its cooling systems have consistently delivered energy savings compared to traditional methods. Emicool added that Moody’s has provided a Second Party Opinion, assigning the facility a Sustainability Quality Score of SQS3 (Good), supporting the company’s claim of alignment with international sustainable finance standards.