UAE - Mubasher: Emirates Central Cooling Systems Corporation (Empower) has inked an AED 860 million agreement to acquire Nakheel’s district cooling unit, with a total cooling capacity of 110,000 refrigeration tonnes (RT).
Through the agreement, Empower will purchase all the assets of Nakheel’s district cooling unit that serves over 18,000 customers in 17 major urban projects through 19 plants across Dubai, according to a press release on Monday.
The CEO of Empower, Ahmad bin Shafar, said that the acquisition deal will be financed through a mix of funds from local and international banks with which the company has close strategic relations.
Bin Shafar added that the transaction will diversify Empower’s portfolio which will include The Gardens, Nakheel Mall, Dragon Mart, Souk Al Marfa, Jumeirah Islands, Circle Mall, and Al Khail Avenue.
The Chairman of Empower, Saeed Al Tayer, said: "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."
