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Middle East-based cooling service provider Empower has secured a US$142mn loan facility from Qatar’s Doha Bank to enable it to fund its expansion plans in Business Bay in Dubai
The loan facility has been structured on a five-year plan and will also fund several other planned projects of Empower across Dubai.
Empower CEO Ahmad Bin Shafar said, “Empower is pleased to have this financing facility from Doha Bank. This loan will help us in pursuing our strategy of financing projects through an optimum mix of debt and equity to maximise our shareholder returns.
“Empower has adopted a business model that works on the basis of investing in plants and network infrastructure driven by actual demand.”
The company is currently developing its second district cooling plant in Business Bay which will be completed in mid-2014. The plant will be expected to meet the rise in cooling demand in the Business Bay area.
It will also be the first district cooling plant in the region to be built in line with green building principles.
Doha Bank CEO R Seetharaman said, “We are pleased to have the opportunity to help finance Empower's future growth. Doha Bank is committed to supporting the wider business community in the UAE and for this reason, we see the potential to grow with Empower in terms of cross selling our financial products and support their long term financial needs.”