Saudi Tabreed has successfully achieved Financial Close for the King Salman Park (KSP) district cooling infrastructure project.
The district cooling system, with an initial capacity (Phase 1) of 20,000 Tons of Refrigeration (TR) expandable to 60,000 TR, will deliver efficient cooling solutions for King Salman Park and its surrounding areas. This aligns seamlessly with the broader initiative, unveiled in 2019, aimed at augmenting Riyadh’s green spaces and fostering sustainable urban development.
The concession, signed last year between the King Salman Park Foundation, the off-taker, and Green Park Cooling Company (a 100% owned subsidiary of Saudi Tabreed) as the Project Company, spans a period of 25 years from the start of operations.
The plant is expected to be fully operational by March 2025. SNC Lavalin is selected by Saudi Tabreed as the Engineering and Procurement Construction (EPC) contractor for the Project, with Saudi Tabreed O&M Company (STOM) undertaking operations for the concession’s term.
The Financial Close involves a SAR 225 Million financing package for Phase 1. Riyad Bank is the Mandated Lead Arranger for senior debt for the Project.
Синергия Консалтинг, Инк. is the Financial and Lead Advisor on the Project for Saudi Tabreed, contributing to the achievement of the Financial Close for the Project.
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