Empower, the world’s largest district cooling services provider, has signed an agreement to acquire the district cooling systems of Dubai International Airport.
The district cooling systems were acquired for a total value of AED1.1 billion ($300 million), through a combination of internal accruals and debt financing from local and international banks with which Empower has close strategic relations.
The acquisition agreement was signed by Ahmad bin Shafar, CEO, Empower and Khalifa Al Zaffin, executive chairman of Dubai Aviation City Corporation (DACC), state news agency WAM reported.
Under the acquisition agreement, Empower, also known as The Emirates Central Cooling Systems Corporation, will own and manage all the existing District Cooling infrastructure of Dubai International Airport, with all its facilities and complexes, which have a total cooling capacity of 110,000 refrigeration tonnes (RT).
Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Civil Aviation Authority, chairman of Dubai Airports and the chairman of the Dubai Supreme Council of Energy said the deal is a part of the AED25 billion Public-Private Partnership (PPP) project portfolio announced by the Government of Dubai’s Department of Finance (DOF) at the Dubai International PPP Conference.
“With this acquisition, the Dubai Aviation City Corporation has made a big leap through its partnership with Empower, the global leader of the environmentally friendly district cooling industry and in adopting innovative technologies.”
He added: “Through this acquisition, both the parties seek to reaffirm Dubai’s leading global position by accelerating the pace of developments by strengthening partnerships, using advanced technologies and adopting innovation in all their activities.”
Bin Shafar said: “We see the acquisition as a long-term partnership with a reputable institution of significant importance on the developmental and economic levels, and Empower is ready with its teams to assume the responsibility imposed by this partnership and looks forward to fulfilling it to the fullest.”
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