Oscar Rousseau, Construction Week Online
Summary
District cooling energy supplier Empower has entered a $408m (AED1.5bn) loan deal with five banks that will back its upcoming construction in Dubai.
Citibank, Emirates NBD, UAE Standard Chartered, Mashreq, and Samba Financial Group Dubai provided the loan.
The amount secured by Empower is three times higher than the company's initial expectations, which Empower said demonstrates strong appetite for district cooling schemes.
Empower, set up as a joint venture between Dubai Electricity and Water Authority and Tecom Investments in 2003, said it would use the loan to expand the capacity of its cooling infrastructure in the emirate.
Developments in Jumeirah Village South, International Media Production Zone, Business Bay, Barsha Heights, and Deira Waterfront Development are among the projects that Empower may seek expansions for.
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