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Walkers assist Tabreed on its landmark US$700 million green sukuk issuance

Mar 5, 2025

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National Central Cooling Company PJSC (Tabreed), a prominent district cooling provider in the United Arab Emirates, has successfully issued a US$700m five-year, Regulation S, dollar-denominated benchmark green sukuk through an ADGM SPV, Tabreed Sukuk Programme Limited, under its newly established $1.5 billion Trust Certificate Issuance Programme. This strategic move aims to bolster Tabreed’s financial position and support its ongoing sustainability initiatives.
 
The consortium of banks included Citigroup and Standard Chartered Bank as Joint Global Coordinators. Additionally, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered Bank have been appointed as Joint Lead Managers and Joint Bookrunners. Abu Dhabi Commercial Bank served as Co-Manager for the issuance. Notably, Citigroup, First Abu Dhabi Bank, and Standard Chartered also acted as Joint Green Structurers, underscoring the green credentials of the sukuk.
 
This green sukuk is part of Tabreed’s broader strategy to refinance existing debt and invest in environmentally sustainable projects. The company has previously issued two $500 million fixed-income instruments: a sukuk in October 2018 and a bond in October 2020. In line with its commitment to maintaining an optimal debt structure, Tabreed has implemented a conservative debt policy to preserve its investment-grade status, currently rated Baa3 by Moody’s and BBB by Fitch.
 
The Walkers team was led by Ciaran Bohnacker (Partner) and Szymon Durlo (Senior Associate).
 
Partner, Ciaran Bohnacker commented: "We are thrilled to have played a notable role on this transaction, providing a comprehensive range of corporate, fiduciary, and administrative services to Tabreed Sukuk Programme Limited. Our continued support underscores our commitment to facilitating impactful and sustainable solutions as well as highlighting the collaborative effort and expertise of our team. We look forward to continuing our partnership with Tabreed and contributing to their ongoing success in sustainability initiatives".
 
FinanceDubai

Media contact

Shana Ray

Head of Business Development - Asia and Middle East

T/+852 2596 3302
M/+852 9030 6084
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Ciaran Bohnacker
Ciaran Bohnacker

Ciaran Bohnacker

Partner

Dubai

T

+971 4 363 7901

M

+971 56 644 2032

E

Email Ciaran Bohnacker
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Szymon Durlo
Szymon Durlo

Szymon Durlo

Senior Associate

Dubai

T

+971 4 363 7908

M

+971 50 125 6115

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