Empower settles first instalmentof Doha Bank loan
District cooling services provider repays an estimated10% of the five year loan
Empower, the world’s largest district cooling service provider, today announced that it has repaidthe first installment of the AED520 million loan to Doha Bank.
Commenting on the repayment, Ahmad Bin Shafar, Empower’s Chief Executive Officer 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.”
The company used the loans to finance its operations in the United Arab Emirates, which now includes a portfolio of nearly 1 million Refrigeration Tonnes(RT) of capacity. This is the largest capacity of any single district cooling services provider in the world.
Empower secured this loan inAugust 2013, with a tenor of 5 years. The repayment of the loanis scheduled to commence from 2014 onwards in tenequal semi-annual installments.
Empower is currently providing its services to many landmark projects in Dubai including Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Palm Jumeirah, Jumeirah Lake Towers, Discovery Gardens, IbnBatuta Shopping Mall, among others.