Published: January 27, 2014
Cooling services provider secures syndicated loan from four banks.
Empower, a Dubai-based cooling services provider, has secured a US$600mn syndicated loan.
The 6-year funding was arranged by Citi, Standard Chartered, and local banks Emirates NBD and Mashreq. Repayments are to be made at half-yearly intervals, with the final instalment due in December 2019.
Empower is a district cooling services (DCS) provider, meaning it generates cooling in a centralised location and distributes it to industrial, business and residential buildings through underground piping.
Last week the company announced that it had acquired Palm Utilities from investment firm Istithmar World. The acquisition of one of its major domestic rivals gives Empower a 70% market share in the country and its 1mn refrigeration tonnes of cooling capacity make it the largest DCS provider in the world.