Empower Settles the Instalment of Dh175 Million Syndicated Loan Facility Ahead of the Schedule

Press release
Published July 11th, 2018 - 10:51 GMT
Ahmad Bin Shafar, the CEO of Empower
Ahmad Bin Shafar, the CEO of Empower

Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling service provider, announced that it had recently settled the half yearly loan installment of AED 175 Million, ahead of the schedule. This loan forms part of the syndicated loan facility from a consortium of international and local banks and financial institutions with Emirates NBD being the facility agent.

Ahmad Bin Shafar, the CEO of Empower, said: “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 ensured sustainable growth of the company and has resulted in consistent financial performance of the company. As a result, Empower has always settled its obligations as per the timelines or ahead, which has been well-acknowledged by banks who in turn value their investments in our business.”

“District Cooling being a utility business with long term and stable cash flows significantly reduces financing risks for banks and financial institutions and we have witnessed increased confidence of Banks and financial institutions in financing UAE’s district cooling industry notably Empower”, said Bin Shafar.

He added: “We will continuously invest in further building our infrastructure and network to cater to the increasing demand for district cooling in Dubai. Empower is currently working on expanding its capacity in various projects such as Jumeirah Village South, International Media Production Zone (IMPZ), Business Bay, Dubai International Financial Centre, Dubai Land and other projects. Empower has significant capital expenditure for the new projects which would be funded through the mix of debt and internal accruals.”

Bin Shafar said: “Out of the total loan portfolio of approximately AED 2.6 billion, Empower has already settled AED 2 billion which demonstrates the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy.”

EMPOWER is providing high quality district cooling services which significantly reduce energy consumption as compared to traditional air conditioning systems. District cooling services achieve economies of scale by using centralised plants instead of individual cooling units in each building. The centralised system results in reduced capital and operating costs, thus lowering air-conditioning set-up and energy costs per building.

Empower currently operates over 1.34 Million RT, providing environmentally responsible district cooling services to large-scale real estate developments, such as Jumeirah Group, Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah, Discovery Gardens, Ibn Battuta Mall, Dubai Design District and International Media Production Zone, among others.

Background Information

Emirates Central Cooling Systems Corporation (Empower)

Emirates Central Cooling Systems Corporation (EMPOWER) was established in 2003 with an objective to enable the real estate sector to efficiently utilize energy resources through District Cooling Services (DCS).  Empower was set up as a joint venture between Dubai Electricity and Water Authority (DEWA) and TECOM Investments a member of Dubai Holding through a Royal Decree issued by the Ruler of Dubai.

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