Empower pays first instalment of Doha Bank loan

District cooling service provider Empower on Wednesday announced that it has repaid the first instalment of the Dh520 million loan to Doha Bank.

Commenting on the repayment, Ahmad bin Shafar, Empower’s CEO said, “We pursue an ambitious strategy to finance our projects through an optimal mix of debt and equity to maximise 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 UAE, which now includes a portfolio of nearly one million Refrigeration Tonnes (RT) of capacity..

Empower secured this loan in August 2013, with a tenor of five years. The repayment of the loan is scheduled to commence from 2014 onwards in ten equal semi-annual installments.
 

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