Dubai-based Empower, the world's largest district cooling service provider, has repaid the first installment of the AED 520 million loan to Doha Bank.
Ahmad Bin Shafar, Empower's Chief Executive Officer said, "We pursue an ambitious strategy to finance our projects through an optimal mix of debt and equity to maximize 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 United Arab Emirates, which now includes a portfolio of nearly 1 million Refrigeration Tonnes (RT) of capacity. This is the largest capacity of any single district cooling services provider in the world.
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 10 equal semi-annual installments.
Empower is currently providing services to many landmark projects in Dubai including Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Palm Jumeirah, Jumeirah Lake Towers, Discovery Gardens, Ibn Batuta Shopping Mall, among others.