Empower acquires District Cooling PPP project for USD300 million in UAE
The Emirates Central Cooling Systems Corporation (Empower) has signed an agreement to acquire the district cooling systems of Dubai International Airport. The transaction is valued at AED1.1 billion (US$300 million), which will be facilitated through a combination of internal accruals and debt financing from local and international banks.
Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority & Chairman of Dubai Airports, said: “The deal is a part of the AED 25 billion (USD6.80 billion) Public-Private Partnership (PPP) project portfolio announced by the Government of Dubai’s Department of Finance (DOF) at the Dubai International PPP Conference which was held last month at the Expo 2020. The deal supports the DACC’s continuous endeavours to achieve the UAE Vision 2021 for sustainable growth, and Dubai’s unique vision to promote the values and standards of sustainability and environmental protection."
Empower will own and manage all the existing District Cooling infrastructure of Dubai International Airport with all its facilities and complexes, which has a capacity of up to 110,000 RT that includes five units.
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