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$50 million for district cooling finance

UAE-based Palm District Cooling (PDC) has secured a finance deal worth US $50 million (AED184 million) from Dubai Islamic Bank.

UAE-based Palm District Cooling (PDC) has secured a finance deal worth US $50 million (AED184 million) from Dubai Islamic Bank.

The three year finance facility is expected to see the Isithmar owned firm grow into the world’s largest district cooling company within the next five years.

This is the third corporate finance facility the firm has secured this year, previous deals from the First Gulf Bank and National Bank of Dubai being worth $75 million and $82 million respectively.

PDC is currently constructing district cooling plants and infrastructure for several developments including the Palm Jumeirah and Discovery Gardens.

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