Dubai's Empower to double capacity by 2018
District cooling firm to expand via takeovers and new contracts.
Empower will continue on the expansion trail before moving ahead with a potential stock listing, according to its CEO.
“We are looking at a proposal in front of us,” Ahmad Bin Shafar told Gulf News at the IDEA International District Cooling conference in Dubai. “It’s going to be big, it’s very prominent,” he added without going into further detail.
Empower, is jointly owned by state utility DEWA and Tecom Investments, is the world’s largest district cooling firm and completed the $500mn acquisition of fellow state-controlled Palm Utilities in January.
The company will continue to focus on expanding in Dubai and hopes to double capacity to 2 million refrigeration tonnes (RT) by 2018, Bin Shafar added.
Bin Shafar raised the possibility of an IPO but gave no indication when it might happen. “When Empower comes to the market, it’s going to be one of the prime shares,” he said.