Tabreed, a leading global cooling utility player, has signed an agreement with Tata Realty to implement its first Cooling as a Service (CaaS) project in India. This will be implemented in Tata Realty’s Intellion Park project, a 3.5-million square feet IT SEZ development in Gurugram.
According to a statement, Tabreed will acquire Intellion Park’s existing cooling infrastructure and undertake greenfield expansion to increase cooling capacity. Tabreed will invest up to Rs 100 crore in its first project to provide cooling services for a 30-year concession period, a company statement said. “Moving away from the regular market practice wherein real estate developers own and operate their cooling assets through facility management arrangements.
Tabreed will provide long-term, SLA-based cooling services to Intellion Park with well-defined parameters to improve energy efficiency, asset longevity, system reliability and reduce life cycle costs of cooling for tenants,” it added. Both the partners expect that the transaction will result in Tabreed serving as a provider of cooling services for Tata Realty, offering District Cooling or CaaS concessions across its commercial properties. Sanjay Dutt, MD & CEO of Tata Realty, said
Source : The Hans India