Emirates Central Cooling Systems Corporation (Empower) has settled its semi-annual loan installment two months before its maturity on December 31, 2017.
The pre-settled loan instalment amounting to AED147mn forms part of Empowers 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.
Shafar added: Out of the total loan portfolio of approximately AED2.6bn, Empower has already settled AED1.7bn, which demonstrates the robustness and sustainability of Empowers business model and effectiveness of its financial strategy. Banks and financial institutions have appreciated Empowers business strategy and value their investments in our business.
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.