Empower to beef up Dubai's district cooling
Demand for district cooling continues to rise in Dubai
Emirates Central Cooling Systems Corporation (Empower) is expanding its infrastructure and network to cope with rising district cooling demand in Dubai.
Work is under way to bolster capacity at Jumeirah Village South, Dubai Production City, Business Bay, Dubai International Financial Centre, and Dubai Land.
"We will continuously invest in further building our infrastructure and network to cater to the increasing demand for district cooling in Dubai," Empower's chief executive officer, Ahmad bin Shafar, said.
News of Empower's capacity-boosting programme came as the district cooling firm said it had paid a $47.6m (AED175m) half-yearly loan payment ahead of schedule, according to Emirates News Agency.
Empower said it had been "extremely cautious" in choosing where and when to invest in its plants and network infrastructure. But this had helped the company to deliver sustainable financial growth and pay its creditors back on time.
"District cooling being a utility business with long-term and stable cash flows significantly reduces financing risks for banks and financial institutions, and we have witnessed increased confidence of banks and financial institutions in financing the UAE’s district cooling industry, notably Empower," Shafar.
Out of its $707m (AED2.6bn) loan portfolio, Empower has already settled $544m (AED2bn), the company said.