Emirates District Cooling (Emicool) has signed a AED793m ($216m) 10-year Islamic loan with seven banks after securing a repayment guarantee from its owners, Dubai Investments and Union Properties.

The deal is a refinancing of a AED668m bridge loan arranged in 2008 to fund the construction of district cooling plants at Motor City and Dubai Investment Park. That deal matured in 2011, although it is unclear what happened to the facility between then and the refinancing that has just been agreed.

The deal was arranged by the local Mashreq, and also included Dubai Islamic Bank, Union National Bank, Commercial Bank of Dubai, Standard Chartered, Emirates NBD and Emirates Islamic Bank.