Riyadh, September 14, 2023, SPA — The King Salman Park Foundation announced the signing of an agreement with Saudi Tabreed for King Salman Park’s first district cooling plant at a capacity of 60,000 tons of refrigeration (TR) over the next 25 years.
The agreement, on a build, own, operate, transfer (BOOT) basis, addresses the infrastructure and cooling demands of the project, in alignment with the King Salman Park Foundation’s commitment to the realization of Saudi Vision 2030 goals to create a vibrant and healthy society.
George Tanasijevich, Chief Executive Officer of King Salman Park Foundation said, “The establishment of a district cooling plant in the park is part of our ongoing dedication to creating a world-class destination and an urban icon that will enhance the lives of its residents and visitors.”
As part of this agreement, King Salman Park Foundation will off-take 20,000 TR allocated for the First Phase of the project. The remaining 40,000 TR will be provided based on market demand and with project completion.
Within this framework, Saudi Tabreed will provide the latest cooling and air-conditioning systems through a centralized plant, greatly reducing power generation requirements and electricity consumption in addition to decreasing the effects of global warming and limiting areas that require conventional air-conditioning.
The Managing Director for Saudi Tabreed, Eng. Sulaiman Al-Khilwi commented: “Our partnership affirms our commitment to addressing the infrastructure and cooling demands of current and upcoming urban projects in Saudi Arabia, as well as solidifying Saudi Tabreed’s position as a leader in District Cooling.”
Fawaz Almalik, Investment & Partnership Attractions Executive Director at King Salman Park Foundation, commented: “The King Salman Park Foundation is adapting various partnership models, providing unique opportunities for investors, and encouraging the private sector to offer best-in-class facilities and services as evidenced by the awarded agreement to establish the Park’s first district cooling under a BOOT model structure. This approach aims to ensure the Park’s financial sustainability while also enhancing its social and economic impact on Riyadh and Saudi Arabia.”
King Salman Park is one of the world’s most ambitious and transformative urban regeneration projects, harmoniously bringing together people, nature, and a city. The park will also support Riyadh’s global profile, contributing to making it one of the world’s most livable cities.
The park not only offers the largest green space in Riyadh, but also provides a rich variety of cultural, arts, entertainment, sports, recreational, commercial, and residential facilities, together with attractions including the Royal Arts Complex, the Visitor Pavilion, and several museums.
With these diverse options and benefits, King Salman Park will become a unique destination for citizens, residents, and tourists by offering new lifestyles that enhance quality of life and allow visitors to engage in new experiences and live unforgettable moments.
12:10 Local Time 09:10 GMT