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Tabreed Bahrain signs agreements with SNC Lavalin Gulf Contractors and Sumitomo Corporation to construct Bahrain Financial Harbour cooling plant

Tabreed enables BFH facilities to be cooled by cutting-edge district cooling technology

October 19, 2008 Manama, Bahrain – Tabreed Bahrain, the world’s leader in district cooling technology, announced today the signing of agreements with SNC Lavalin Gulf Contractors, one of the world’s largest engineering firms, to construct a District Cooling Plant, and Sumitomo Corporation (in collaboration with Japan AE Power Systems Corporation), one of the Japan’s largest trading firms, who will supply 2 new 66kV City Substations for the Bahrain Financial Harbour (BFH). Tabreed is planning to raise BD35 Million of additional capital through a private placement after which it intends to list as a closed joint stock company on the Bahrain Stock Exchange after obtaining all the necessary regulatory approvals.

“We are proud to implement one of Bahrain’s foremost construction projects,” said Bernt Andersson, Chief Executive Officer, Tabreed Bahrain, “This agreement demonstrates Bahrain’s commitment to a future devoted to energy conservation and pollution reduction. District cooling remains the most technologically advanced method of cooling new state-of-the-art developments. We look forward to a continued strong relationship with Bahrain’s construction projects on the North Shore and Reef Island, and to remaining at the forefront of this country’s growth and prosperity.”

The agreements with SNC Lavalin and Sumitomo Corporation centre around the construction of a District Cooling Plant, an essential part of district cooling’s ability to cool a large number of buildings in a densely populated area. In the case of a development such as BFH, where many buildings are constructed closely together, cooling will be distributed via a pipe network radiating out from a centrally located plant. This cooling system will eliminate bulky individual cooling units, giving BFH, Reef Island and many North Shore projects the ability to maximise their space in a way they could never do if they used conventional cooling methods.

Andersson added: “District cooling is quickly being recognized as the most efficient and cost-effective method of cooling large construction developments. District cooling enables the construction of buildings that consume dramatically less power than buildings that use conventional cooling. Lower energy consumption means less pollution, less of an energy drain during summer months and of course considerable cost savings. For district cooling to be associated with one of the Kingdom of Bahrain’s most prestigious developments reflects this country’s dedication to a sustainable future.”

Paul Beaudry, Managing Director, SNC-Lavalin Gulf Contractors L.L.C. said: “District cooling represents the most significant usage of cutting edge technology towards implementing cooling solutions for new building construction. We see this project as an important demonstration of the marrying of technology and forward thinking. We are proud to be associated with this project, and what it means to the Kingdom.”

E.S. Premanand, Sales and Marketing Manager, Sumitomo Corporation said, “As a company devoted to supplying the most advanced technology to construction projects all over the world, we are happy to now bring our expertise to the Kingdom of Bahrain. We expect a project like BFH to cement Bahrain’s position as one of the world’s key financial hubs, and we are proud to have played a part in it.”

The Bahrain Financial Harbour is a development that will enhance Bahrain’s already formidable status as the key financial hub of the Middle East. An offshore development built atop reclaimed land, it will merge business, commercial and residential units in a unique way that will benefit the business community and the economy of Bahrain for years to come. Reef Island is set to become one of Bahrain’s leading luxury communities and will result in the creation of more than 1,300 homes off the northern coast of the country. Both will make up significant parts of Bahrain’s North Shore developments that will create an ideal fusion of commercial and residential properties for the Kingdom.