Dubai-based district cooling firm Empower on Sunday said it has secured financing worth $127.8 million from Dubai Islamic Bank (DIB).
The company, which bought Palm Utilities from a unit of Dubai World for $500 million earlier this year, said the agreement marks its first-ever Islamic loan.
Ahmad bin Shafar, CEO of Empower, said in comments published by news agency WAM: “The agreement between Empower and Dubai Islamic Bank is an important milestone as the first bilateral deal between the two entities.”
The Business Bay district-cooling network will eventually consist of 350,000 refrigeration tonnes (RT) worth of capacity for business, retail and residential buildings, he said.
Empower is the world’s largest district cooling company with a capacity of one million RT of capacity across many landmark real estate projects in Dubai including Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah and Discovery Gardens.
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