Empower secures $225m credit facility

Dubai: Emirates Central Cooling Systems Corporation (Empower) yesterday said it has secured a $225 million (Dh825.75 million) credit facility from a consortium of international and local banks and financial institutions, led by the Royal Bank of Scotland plc (RBS).

The agreement was signed by Ahmad Bin Shafar, CEO of Empower, and Scott Barton, Head of Global Banking and Markets - Middle East, RBS. The facility will enable Empower to fund its extraordinary growth and execute a significant pipeline of projects.

Bin Shafar said: "Empower pursues a strategy to fin-ance its projects through an optimal mix of debt and equity to maximise shareholder return. The credit facility will ensure that adequate and cost effective funding is available to sustain our rapid growth.

Business model

"A facility of this magnitude demonstrates the sustainability of Empower's business model and the confidence of the international, regional and local banks and financial institutions. The deal is attractively priced considering current market conditions, and will significantly support Empower's expansion plans."

Barton said: "Empower is poised to tap exciting business opportunities across the region. The funding will further drive Empower in this crucial phase of growth, and consolidate its pioneering status."