An apparatus for delivering circulating water includes a cooling/warming controller configured to perform heat exchange of circulating water supplied to a cooling/warming apparatus using a refrigerant; an indoor-unit controller configured to perform heat exchange of circulating water supplied to an indoor unit using the refrigerant; and a mode change unit (MCU) configured to control a flow of the refrigerant supplied to the cooling/warming controller and the indoor-unit controller according to an operation mode of the cooling/warming apparatus and the indoor unit. The cooling/warming controller and the indoor-unit controller may be configured to share a circulating water passage through which the circulating water moves.