May 15th, 2008
Emirates Central Cooling Systems Corporation (Empower) today announced it has secured a US$225 million credit facility from a consortium of reputed international and local banks and financial institutions, led by the Royal Bank of Scotland plc (RBS).
The facility agreement was signed, amongst others, by Ahmad Bin Shafar, CEO of Empower, and Scott Barton, Head of Global Banking and Markets - Middle East, Royal Bank of Scotland. The facility will enable Empower to fund its extraordinary growth and execute a significant pipeline of projects.
Bin Shafar said: “Empower pursues a strategy to finance its projects through an optimal mix of debt and equity to maximize shareholder return. The credit facility will ensure that adequate and cost effective funding is available to sustain our rapid growth and drive the implementation of our landmark projects.
“A facility of this magnitude clearly demonstrates the robustness and sustainability of Empower’s business model and the confidence of the international, regional and local banks and financial institutions. The deal is attractively priced considering the current market conditions, and will significantly support Empower’s expansion plans.”
Scott Barton said: “Empower is poised to tap exciting business opportunities across the region. The RBS-led funding will further drive Empower in this crucial phase of growth, and consolidate its pioneering status as a leading district cooling service provider.”
Empower was established in 2003 as a joint venture between Dubai Technology and Media Free Zone (TECOM) Investments and Dubai Electricity and Water Authority (DEWA), to provide energy-efficient district cooling services to large-scale real estate developments in Dubai and the region.