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Empower settles US$50m credit facility and to refinance US$175

December 15th, 2010

Dubai, UAE, 15 December, 2010: Emirates Central Cooling Systems Corporation (Empower), the biggest district cooling provider in the Middle East, today announced that it has successfully refinanced a US$175 million credit facility through a consortium of reputed international and local banks and financial institutions.


This was part of an earlier facility of US$225 million, out of which Empower settled US$50 million. The company has refinanced the balance of US$175 million for a five-year tenor repayable between 2011 and 2015.


The consortium of local and international banks and financial institutions consisted of Royal Bank of Scotland, Emirates NBD, Standard Chartered, Mashreq and Citibank.


The new facility agreement was signed by Ahmad Bin Shafar, CEO of Empower and the various lenders today in Dubai.


Bin Shafar said: “EMPOWER has been growing steadily as part of its plans to position itself as a major player in the global front. We pursue an ambitious strategy to finance our projects through an optimal mix of debt and equity to maximize shareholder returns.”


Empower has reached a remarkable increase in its operations with over 300,000 Refrigeration Tons (RT) capacity generating stable stream of revenues and cash flows that will enable the company to meet all its debt obligations on schedule.


Refinancing of a facility of this magnitude clearly demonstrates the robustness and sustainability of Empower’s business model and the confidence of the international and local banks and financial institutions in the company’s leading position in the Middle East. The deal is appropriately priced considering the current market conditions, and will significantly support Empower’s long term business plans.


Empower has revealed recently that the number of its cooling plants has registered an increase of 37%. This comes at a time when Empower is witnessing a tremendous raise in the number of plants and is expanding its operations to respond to the huge demand for district cooling as an alternative solution to the conventional air conditioning systems in the UAE.

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