Clearing loans on schedule ‘demonstrates the robustness and sustainability’ of Empower’s business model, says Ahmed Bin Shafar
UAE-based district cooling firm, Emirates Central Cooling Systems Corporation (Empower) has said it has repaid a half-yearly loan installment of $22.6m, part of the syndicated loan facility from a consortium of banks with Emirates NBD being the facility agent.
The loan was used to build Empower’s plants and networks in Dubai International Financial Centre (DIFC), Business Bay, Mirdif, TECOM C and Al Quoz projects.
“Clearing our loans on scheduled demonstrate the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy,” said Ahmed Bin Shafar, CEO of Empower.
The firm had total loan of approximately $326.7m, of which the current outstanding balance stands at $157.9m, he added.