Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) announced settling a loan of AED 175 million ahead of schedule.
This loan is part of the facility from a consortium of international and local banks and financial institutions with Emirates NBD being the facility agent, the cooling company said in a statement.
“Empower has adopted the strategy of investing in plants and network infrastructure driven by actual demand and has been extremely cautious in its investments,” Empower CEO Ahmad Bin Shafar commented.
As a result, Empower, the world’s largest district cooling service provider, was able to settle its obligations as scheduled or ahead.
“District Cooling being a utility business with long-term and stable cash flows significantly reduces financing risks for banks and financial institutions and we have witnessed increased confidence of Banks and financial institutions in financing UAE’s district cooling industry notably Empower,” Shafar added.
Currently, Empower is working on expanding its capacity in various projects such as Jumeirah Village South, International Media Production Zone (IMPZ), Business Bay, Dubai International Financial Centre, Dubai Land, and other projects.