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Empower clears loan

AED 83 million paid is part of syndicated facility from a consortium of banks

| | Oct 14, 2012 | 6:11 pm
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AED 83 million paid is part of syndicated facility from a consortium of banks

Emirates Central Cooling Systems Corporation (Empower) has announced that it has recently cleared a half-yearly loan installment of AED 83 million as part of the syndicated loan facility from a consortium of banks, with Emirates NBD being the facility agent.

This loan, said Empower, was used to build its plants and networks in Dubai International Financial Centre (DIFC), Business Bay, Mirdif, TECOM C and Al Quoz projects.

Commenting on fulfilling its payment commitment, Ahmed Bin Shafar, CEO, Empower, said: “Our company has succeeded in positioning itself as a major player in the global district cooling industry through prudent management. Clearing our loans on schedule demonstrates the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy. Empower had total loan of approximately AED 1.2 billion, of which the current outstanding balance stands at AED 580 million.

“Empower has adopted a business model that works on the strategy of investing in plants and network infrastructure driven by actual demand in specific projects. This has resulted in sustainable growth and avoided unproductive investments and financial losses. Our prudent and conservative strategy has also been acknowledged by the banks and financial institutions.”

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