Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) announced that it has signed an AED 1.5 billion ($410 million) credit facility with a group of local, regional and international banks.
The loan will be allocated for financing the company’s new projects, the Dubai-based district cooling firm said in a statement.
“Through financing, international, regional and local banks have contributed to the growth of the district cooling industry; one of the safest industries in terms of risk and investment returns,” Ahmad Bin Shafar, CEO of Empower, said.
He added that the loan was oversubscribed by more than 3.5 times.
“Promoting the use of sustainable, competitive and safe energy sources is a key objective for us, and we have seen a strong response from our partner banks in achieving this objective," the CEO commented.
The repayments are set to be made in half-yearly instalments, the statement said.
