Tribe Advisory supports MiSK City in the development of the District Cooling Plant (DCP) in Riyadh, Saudi Arabia, a project aimed at delivering essential cooling infrastructure for MiSK City.
The project operates under a Design, Build, and Operate (DBO) contract and is being executed by a partnership between ADC Energy Systems and Dalkia KSA.
With a total capacity of 23,800 Tons of Refrigeration (TR), the plant will feature 18,000 TR centrifugal chillers and a Thermal Energy Storage (TES) system capable of storing 44,900 TR-hours and delivering up to 5,800 TR during peak discharge.
This initiative aligns with the vision of the Misk Foundation, a non-profit organization founded in 2011 by HRH Prince Mohammed Bin Salman Bin Abdulaziz. The foundation is dedicated to nurturing Saudi Arabia’s youth by fostering innovation and leadership across education, culture, the arts, and science.
Following successful financing and construction of the project, MiSK hosted the inauguration of the project on site on 10 May 2023.
Tribe Advisory’s Role
Tribe Advisory was appointed as the financial and commercial advisor and lead transaction advisor to DCP project. Tribe supported the project from concept through feasibility, procurement, and financial close, ensuring successful delivery.
Tribe’s responsibilities included:
- Concept Development & Feasibility Study: Determined the appropriate facility size and procurement approach.
- Advisor Management: Procured and managed technical and legal advisors.
- Commercial Structuring: Developed a bankable commercial structure, adapting the model from BOT to DBO in response to market conditions.
- Financial Modelling: Created financial models to support project decisions.
- Document Development: Drafted commercial and financial aspects of project agreements.
- Tender Management: Managed the entire procurement process: RFQ, RFP, clarifications, preferred bidder selection, and negotiations.
- Negotiations: Represented MiSK City in key negotiations with project stakeholders.
- Internal Approvals: Prepared reports and presentations for MiSK’s Steering and Investment Committees.
- Business Plan Development: Drafted MiSK’s business plan for post-completion management and operations of the DCS.
Pete McCreanor, CEO, Tribe Infrastructure Group
“This project demonstrates the critical role of innovative solutions in delivering sustainable infrastructure on time and under complex market conditions. Tribe is proud to have supported MiSK City in achieving their vision for a modern and efficient district cooling system.”
James Cook, CEO, Tribe Advisory
“Tribe Advisory’s strategic and financial guidance allowed MiSK City to successfully deliver a time-sensitive district cooling project, adapted to the evolving needs of the market while maintaining long-term flexibility for future partnerships.”
About Tribe
Tribe Infrastructure Group (Tribe) is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe Infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.