Empower will settle $100m loan
District cooling firm will pay off seven-year loan on July 1
Empower, the Gulf’s biggest provider of district cooling services, has announced it will clear the final installment of a $54.4 million HSBC loan on July 1.
The loan was used to expand the company’s UAE operations and to develop infrastructure and networks in order to cope with increasing demand in the region.
Specifically, the loan was used to build the company’s plant and network in Dubai’s Jumeirah Beach Residence, originally taken out in 2004 with five annual repayments commencing from 2007.
Empower’s CEO, Ahmad Bin Shafar, said: “We pursue a prudent strategy to finance our projects through an optimal mix of debt and equity to maximise our shareholder returns. We have settled all our loans as per the agreed timelines, which demonstrates the robustness and sustainability of Empower's business model and effectiveness of its financial strategy."