Dubai, Oct 6 (IAMS/WAM) Empower, the leading district cooling service provider in the Middle East, has secured a $142-million loan facility from Doha Bank, the third largest private commercial bank in Qatar.
The loan facility is structured on a five-year plan and will enable Empower to fund its expansion plans in Business Bay here and also its other planned projects across Dubai.
“Empower is pleased to have this financing facility from Doha Bank. This loan will help us in pursuing our strategy of financing projects through an optimum mix of debt and equity to maximize our shareholder returns,” said Ahmad Bin Shafar, chief executive officer of Empower.
“Empower has adopted a business model that works on the basis of investing in plants and network infrastructure driven by actual demand,” Bin Shafar added.
Empower is currently developing its second district cooling plant in Business Bay which will have an ultimate capacity of 45,000 refrigeration tonnes (RT) when complete in mid-2014.
This plant is expected to meet the rise in cooling demand in the Business Bay area.
It will also be the first district cooling plant in the region to be built in line with Green Building principles.
“We are pleased to have the opportunity to help finance Empower’s future growth. Doha Bank is committed to supporting the wider business community in the UAE and for this reason, we see the potential to grow with Empower in terms of cross selling our financial products and support their long term financial needs,” said R. Seetharaman, chief executive officer of Doha Bank.