Empower raises $225m debt facility

14 May 2008
Dubai-based Emirates Central Cooling Systems (Empower) has signed a $225m credit facility with a consortium of banks led by Royal Bank of Scotland (RBS).

The facility has been arranged to help the company - a joint venture between Dubai Technology, Media Free Zone (Tecom) and Dubai Electricity and Water Authority (Dewa) - finance its future projects.

The pricing of the deal has not been revealed, but Ahmad bin Shafar, chief executive officer of Empower says the deal was “attractively priced considering the current market conditions”.

RBS led the consortium which included a number of international and regional banks.

Empower recently won a contract to provide district cooling services to The Lagoons development at Dubai Creek.

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