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28 March 2024

Empower settles Dh83m loan instalment

Published
By Staff

District cooling provider Empower announced on Monday that it has settled the half yearly loan instalment of Dh83 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 Dh760 million of the total Dh1.2 billion loan.