The loan to be used for company’s growth and fund landmark projects

Empower, the district cooling service provider in the Middle East, has secured a $142 million (AED 521.6 million) loan facility from Doha Bank, reportedly the third largest private commercial bank in Qatar. Announcing this, Empower revealed that the loan facility is structured on a five-year plan and will enable it to fund its expansion plans in Business Bay and also its other planned projects across Dubai.

According to Empower, it is currently developing its second district cooling plant in Business Bay, which will have an ultimate capacity of 45,000 RT when complete in mid-2014, and is expected to meet the rise in cooling demand in the Business Bay area. It will also be the first district cooling plant in the region to be built in line with Green Building principles, Empower informed.

“Empower is pleased to have this financing facility from Doha Bank. This loan will help us in pursuing our strategy of financing projects through an optimum mix of debt and equity to maximize our shareholder returns,” said Ahmad Bin Shafar, CEO, Empower. “Empower has adopted a business model that works on the basis of investing in plants and network infrastructure driven by actual demand,” Bin Shafar added.

“We are pleased to have the opportunity to help finance Empower’s future growth, said Dr R Seetharaman, CEO, Doha Bank. “Doha Bank is committed to supporting the wider business community in the UAE and for this reason, we see the potential to grow with Empower in terms of cross-selling our financial products and support their-long term financial needs.”