The State Oil Fund of the Republic of Azerbaijan (SOFAZ) and The Arab Energy Fund (TAEF) have partnered with CVC DIF to invest in a co-investment vehicle alongside DIF VII. This venture follows the acquisition of a 50 percent stake in PAL Cooling Holding (“PAL”), a leading district cooling operator in the UAE.

The investment reflects a shared commitment to advancing energy-efficient infrastructure solutions across the region. By bringing together three major institutional investors, this collaboration reinforces the platform’s operational resilience and long-term strategic growth. Tabreed, the UAE's pioneer in district cooling, retains its 50 percent stake, contributing its unrivaled sector expertise.

PAL Cooling Holding is the second-largest district cooling provider in the UAE, managing eight long-term concessions and serving over 45,000 customers.

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