Empower has a syndicated loan of AED 1.5 billion

05-02-2019 Media in\ Dubai
Emirates Central Cooling Systems Corporation (Empower) has secured a syndicated loan of AED 1.5 billion through a group of local, regional and international banks to finance new projects it plans to implement in the near future.
The agreement was signed by Ahmed Bin Shafar, CEO of Empower, Alessar Antony, Chief Executive Officer of Citibank, Ahmed Al Qasim, Executive Vice President, Corporate Banking, Emirates NBD. “Rola Abu Mana, Chief Executive Officer of Standard Chartered, Executive Vice President and Head of Finance and Investment Banking Group at Mashreqbank and Manbar Dillon, General Manager, Samba Financial Group, Dubai Branch.
The loan will be used to increase production capacity and cooling infrastructure for several projects in different areas including Jumeirah Village, Media Production Zone, Commercial Bay, Barsha Heights, Deira Marine and others. The installments will be paid semi-annually.
Bank financing for district cooling projects contributes to increased energy efficiency and reduced carbon dioxide emissions, Shafar said.