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Empower makes $53m early loan repayment

District cooling provider in robust financial health, says CEO Ahmad Bin Shafar.

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Ahmad Bin Shafar, CEO of Empower
Ahmad Bin Shafar, CEO of Empower

Empower has paid two loan installments totaling $52.8m (AED194m) prior to their maturity.

The payments are part of the Dubai-based district cooling provider’s syndicated loan facility of $600m, and the bilateral loan facility of $127.8m.

Ahmad Bin Shafar, CEO of Empower, said: "We have prepaid the syndicated loan facility installment five months prior its maturity, while the bilateral loan facility installment was paid six months before its scheduled date.

"This reflects the robustness and sustainability of our business model and our prudent financial strategy that is paying off significantly."

Empower prepaid on 30 July, 2015 its syndicated loan installment of $40m (AED147m), which was scheduled to be paid on 31 December, 2015.

The company also settled on 4 August, 2015 an amount of $12.8m (AED47m), representing the bilateral loan installment that was scheduled to be paid on 4 February, 2016.

"Empower continues to pursue the strategy to finance its projects through an optimal mix of debt and equity to maximize return to its shareholders," Bin Shafar added.

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