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Empower pays first installment of $140mn loan

World's largest district cooling firm begins paying Doha Bank facility

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Ahmad Bin Shafar
Ahmad Bin Shafar

Empower has repaid the first installment of a AED 520 mn ($141.5mn) loan with Doha Bank.

The world’s largest district cooling service provider secured the five-year debt facility in August 2013 to finance operations in the UAE, which amounts to nearly 1 million refrigeration tonnes (RT) of capacity.

Repayment is in 10 equal semi-annual installments from this year onwards, a statement said.

Ahmad Bin Shafar, Empower’s chief executive, said: “We pursue an ambitious strategy to finance our projects through an optimal mix of debt and equity to maximize our shareholder returns.

“This repayment further validates that we settle all our loans as per the agreed schedule, demonstrating the robustness and sustainability of Empower’s business model and its prudent financial strategy.”

Empower provides cooling services to landmark projects in Dubai including Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Palm Jumeirah, Jumeirah Lake Towers, Discovery Gardens and Ibn Batuta Shopping Mall.

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