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Empower's US$175m refinance

DC provider refinances remainder of $225m deal with local consortium

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Empower announces new refinance deal with local consortium. (Getty Images)
Empower announces new refinance deal with local consortium. (Getty Images)

The Middle East’s biggest district cooling provider has refinanced a US$175 million credit facility through a consortium of local banks and financial institutions.

Empower, the Emirates Central Cooling Systems Corporation, has refinanced the balance of a US$225 million deal, of which Empower settled $50 million. The company has refinanced the balance for a five-year tenor with a consortium including Royal Bank of Scotland, Emirates NBD, Standard Chartered, Mashreq and Citibank.

On signing the deal in Dubai, Ahmad Bin Shafar, CEO of Empower, said: “Empower has been growing steadily as part of its plans to position itself as a major player in the global front. We pursue an ambitious strategy to finance our projects through an optimal mix of debt and equity to maximize shareholder returns.”
 

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