Dubai-based district cooling services provider Emirates Central Cooling Systems Corporation (Empower) has signed an agreement to acquire the district cooling systems of Dubai International Airport.
According to the statement, the district cooling systems were purchased for $299 million (AED1.1 billion) using a combination of internal accruals and borrowed financing from local and international banks with whom Empower has close strategic ties.
The acquisition agreement was signed by Mr. Ahmad bin Shafar, CEO at Empower, and HE Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation (DACC), in the presence of Mr. Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower.
Under the agreement, Empower will own and manage all of Dubai International Airport’s existing District Cooling infrastructure, including all of its facilities and complexes, with a total cooling capacity of 110,000 refrigeration tons (RT), which contains five units, and this capacity covers the equivalent of 11 times the consumption of the world’s tallest tower, the Burj Khalifa.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and the Chairman of the Dubai Supreme Council of Energy said, “The deal is a part of the $6.8 billion (AED25 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. With this acquisition, the Dubai Aviation City Corporation has made a big leap through its partnership with Empower, the global leader of the environmentally friendly district cooling industry, and in adopting innovative technologies.”
For his part, Mr. Al Tayer said that the acquisition agreement formulates a new concept of partnership between the two parties.
“The acquisition is in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to consolidate Dubai’s global position on the map of sustainable development. It is also an active part in the Dubai Demand Side Management Strategy 2030, of which district cooling is one of its prominent pillars. Empower plays an eminent role in the Dubai’s economic development, and is striving to strengthen its leadership in the district cooling industry locally, regionally and globally, to reaffirm the extent of the growth and prosperity in Dubai’s industrial sector, that is rich in investment opportunities and ability to permanently develop and expand the scope of investment activities related to the present and future of the vital district cooling sector.”
Mr. Al Zaffin noted, “This strategic partnership with Empower is a testament to our ambition to deliver streamlined operations at DXB and continue the path of high growth. I am certain that Empower will serve Dubai International Airport according to the highest industry standards.”
Mr. Shafar has remarked that Empower’s superiority and leadership in the district cooling industry, as well as its remarkable success in adopting unprecedented technology in operations, production, and service provision, has made it a unique strategic partner for the world’s largest institutions and mega projects, the latest of which is the Dubai International Airport with all its facilities and complexes.
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