Empower settles $22 million loan installment
Empower announced today that it has settled the half yearly loan installment of AED 83 Million (USD 22 million).The loan is part of a syndicated loan facility comprising a consortium of international and local banks and financial institutions with Emirates NBD being the facility agent.
The loan was used to finance the development of Empower s district cooling plants and networks in areas including Dubai International Financial Centre /DIFC/, Business Bay, Mirdif, TECOM C and Al Quoz. "Empower has adopted the strategy of investing in plants and network infrastructure driven by actual demand and has been extremely cautious in its investments. This has resulted in the sustainable growth of the company and has enabled us to meet our commitments according to agreed timelines," said Ahmad Bin Shafar, CEO, Empower.
Empower has already settled AED 760 million (USD 260 million) of the total AED 2 billion loan, reflecting the stability of its business model and the effectiveness of its financial strategy. Empower is now focusing on increasing its operational efficiency and was recently awarded IDEA s /International District Energy Association/ inaugural Innovation Award for the effective utilisation of TSE /Treated Sewage Effluent/ in combination with RO /Reverse Osmosis/ process in the production of chilled water.