Dubai's Empower buys developer Nakheel's district cooling units for Dh860m

Dubai: The Dubai district cooling company Empower is buying Nakheel’s district cooling unit - with a total cooling capacity of 110,000 refrigeration tons (RT) - for Dh860 million. Nakheel’s district cooling systems serves more than 18,000 customers in 17 projects through 19 plants across Dubai, including those at the Palm.

Empower will now manage and operate them and carry out all future obligations. The acquisition agreement was signed by Ahmad bin Shafar, CEO of Empower, and Naaman Atallah, CEO of Nakheel. The financing of the acquisition will be through a mix of company’s funds and finance from local and international banks with which "Empower is having close strategic relations".

“The positive implications of such partnerships far exceed their investment dimensions," said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower. "We are keen that the deal would give thrust to improving the efficiency of the energy sector, achieving a qualitative breakthrough in the standards of meeting the growing demand for district cooling services, and nourishing the momentum of establishing environmentally sustainable communities across the emirate."