RIYADH: The Public Investment Fund on Sunday announced the acquisition of a 30 percent stake in the Saudi Tabreed District Cooling Co., a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia. Saudi Tabreed offers highly efficient solutions that drive reductions in power consumption and the costs of operation and maintenance and encourage alternatives to traditional air conditioning systems. District cooling is recognized as one of the most energy-efficient solutions due to its ability to conserve natural resources, significantly contributing to reducing greenhouse gases. According to a PIF statement, the cooling provider currently manages 779,000 tons of refrigeration via contracts with major companies in the Kingdom, including Saudi Arabian Oil Co.’s Dhahran district cooling plant, the Jabal Omar facility in Makkah, the district cooling scheme at King Khalid International Airport in Riyadh, and a centralized facility at the AMAAD Business Park in Dhahran. Saudi Tabreed also serves The Red Sea Project, a vital part of Saudi Arabia’s Vision 2030. “Our investment in Saudi Tabreed will support the achievement of PIF’s economic diversification goals, especially in light of the anticipated growth in Saudi Arabia’s district cooling market,” said Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF. “The investment is also fully aligned with PIF’s strategy to enable promising sectors in the country, and supports Saudi Arabia’s transition to sustainable and more efficient sources of energy,” he added. “PIF’s investment further enhances our position as a market leader in Saudi Arabia. With added credibility and stronger financial performance, being part of the PIF portfolio significantly expands our ability to support the country’s energy transition and sustainability targets,” said Mohammed Abunayyan, chairman of the board, Saudi Tabreed. “We are committed to working together as we move forward in our mission to enhance Saudi Arabia’s urban development through innovative, advanced, and highly efficient district cooling solutions.” PIF has a strong track record of investing in the low-carbon sector, including electric vehicles and solar energy projects, as part of a commitment to developing 70 percent of the Kingdom’s renewable energy by 2030. The fund has significant investments in renewable energy companies, such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, and in developing electric vehicles through investments in Lucid Motors, Ceer and E1.