Empower settles loan instalment of AED 147 million ahead of time

Bin Shafar: 'Empower has reinforced its reputation of being the world's largest district cooling services provider; thanks to its solid operating & financial performance and prudent funding strategy'
 
 
empower-8
empower-8
 
Spread the Word
Listed Under

Tag:
* Empower

Industry:
* Government

Location:
* Dubai - United Arab Emirates

Nov. 8, 2017 - PRLog -- Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, has settled its semi-annual loan instalment two months before its maturity on December 31, 2017. The pre-settled loan instalment amounting to AED 147 million (USD 40 million) forms part of Empower's syndicated loan facility from a consortium of international and local banks and financial institutions.

Ahmed Bin Shafar, CEO, Empower, said: "Empower has always been prudent and strategic when investing in plants and network infrastructure based on the actual demand. The company has recorded steady and sustainable growth as a result of this effort, enabling us to meet our commitments as per agreed timelines. Presently, we have significant capital expenditures needed to expand our capacity in various projects such as Jumeirah Village South, International Media Production Zone (IMPZ), Business Bay, and Dubai Land, amongst others. The new projects will be funded through a mix of debt and internal accruals."

Bin Shafar added: "Out of the total loan portfolio of approximately AED 2.6 billion, Empower has already settled AED 1.7 billion which demonstrates the robustness and sustainability of Empower's business model and effectiveness of its financial strategy. Banks and financial institutions have appreciated Empower's business strategy and value their investments in our business."

Empower offers high-quality district cooling services which significantly reduce energy consumption as compared to conventional 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 provides environmentally responsible district cooling services to large-scale real estate developments such as Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World trade Centre Residences, Dubai Design District, among others.

Contact
Orient Planet PR & Marketing Communications
***@orientplanet.com
End
Source:Orient Planet PR & Marketing Communications
Email:***@orientplanet.com
Tags:Empower
Industry:Government
Location:Dubai - United Arab Emirates
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Orient Planet News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share