Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider announced in a statement that it has signed an acquisition agreement of Nakheel district cooling unit, with a total cooling capacity of 110,000 refrigeration tons (RT) .
The total value of the deal is AED 860 million.
The agreement was signed in the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive Officer of Emirates Airlines and Group, and Chairman of the Dubai Supreme Council of Energy,
The acquisition agreement stipulates that Empower will acquire all the assets of the Nakheel’s district cooling systems that serves more than 18,000 customers in 17 major urban projects through 19 plants across Dubai.
Empower will also manage and operate them and carry out all the activities, functions, operations and obligations.
His Excellency Mohammed Ibrahim Al Shaibani, the Director General of the Dubai Ruler’s Court; CEO and Board Member of the Investment Corporation of Dubai, Chairman of the Board of Directors of Nakheel, and His Excellency Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority and Chairman of the Board of Directors of Empower were also present at the signing of the agreement.
The acquisition agreement was signed by Ahmad bin Shafar, CEO of Empower, and Naaman Atallah, CEO of Nakheel.
Financing of this acquisition deal will be through a mix of company’s funds and finance from local and international banks with which Empower is having close strategic relations, statement mentioned.
