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Eye of Dubai
Business & Money | Saturday 23 March, 2024 6:56 am |
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Diriyah Company Signs Ground-breaking Agreement for District Cooling Plant Development

The Diriyah Company has announced a groundbreaking infrastructure agreement with City Cool Cooling Company. The infrastructure agreement includes a district cooling plant and associated distribution network with the ability to deliver a maximum cooling power of 72,500 Tons of Refrigeration (TR). The chilled water will supply the cooling demand of all non-residential assets within the first phase of the Diriyah project.  The district cooling plant is anticipated to feature the most efficient system in the Kingdom, with an impressive energy efficiency rating of 0.7 KW/TR.

 

This partnership marks a significant milestone for Diriyah Company’s strategic investment and partnership efforts, valued at 700 million Saudi Riyals. The development agreement follows a 25-year Build, Own, Operate, and Transfer (BOOT) structure, with the completed infrastructure to be transferred to Diriyah Company after the duration.

 

Jerry Inzerillo, Group Chief Executive Officer of Diriyah Company, commented on this milestone, saying, “Our strategic investment efforts in Diriyah Company span diverse sectors, fostering comprehensive solutions that elevate the quality of life for everyone who lives, works, or visits the Birthplace of the Kingdom. By encouraging a healthier outlook on life, Diriyah Company holds minimizing the development's carbon footprint as a core principle for everything we do, by focusing on energy efficiency, reducing water consumption, and improving the overall quality of life for everyone.”

 

Abdulsalam Al Mobayed, the CEO of City Cool Cooling co. said, “It is an honour for us to be part of the Diriyah project, a project that prioritizes environmental responsibility. Our shareholders at City Cool are not only keen but also fully support City Cool delivering a reliable and efficient district cooling solution to meet the escalating demand of cooling capacity needed for giga projects like Diriyah in Saudi Arabia, in complete alignment and support of Vision 2030.”

 

Diriyah holds immense importance for contemporary Saudi Arabia, owing to its rich historical and cultural significance. The partnership with City Cool is one of the largest contracts signed by Diriyah Company.

 

The project solidifies Diriyah Company’s commitment as a dynamic mixed-use developer that is redefining urban planning to transform Diriyah, The City of Earth into a thriving capital of culture, entertainment, education, and the arts. With the UNESCO World Heritage Site of At-Turaif at its core, Diriyah links the Kingdom’s past, present and future introducing visitors to the charm and generosity of Najdi culture as well as the symbol of inspiration for generations of creatives, innovators, entrepreneurs, and educators to come.

 

City Cool Cooling Company, a leading district cooling service provider in the region, and a wholly owned subsidiary of Mada International Holding, is the majority shareholder with 90% shareholding in the project. City Cool along with ADC Energy Systems will build the advanced new-generation district cooling plant and the chilled water network in Diriyah. The plant's construction will adhere to the highest international standards, aligning with the principles of sustainable green buildings and modern urban developments in Diriyah. Notably, the architectural design of the plant will harmonize with the theme of the area and the architectural identity of its buildings, ensuring a seamless integration with the surrounding environment.

 

 

-ENDS-

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