Dubai-headquartered Emirates Central Cooling Systems Corporation (Empower) announced on Monday that it will invest more than 1.6 billion dirhams ($436 million) to build four district cooling plants and construct a pipeline network for Meydan master community.
The investment forms part of strategic agreement signed with Meydan’s master developer Meydan City Corporation to provide district cooling services to 750 buildings, both existing and upcoming, in the master community with a total capacity of 382,000 refrigeration tonnes (RT), according to a press statement from Empower.
The agreement was signed by Ahmad Bin Shafar, CEO of Empower, and Issam Galadari, CEO of Meydan City Corporation.
The agreement also covers the acquisition of Meydan’s existing 45,000 RT district cooling plant for 100 million UAE dirhams ($27 million), the statement said, adding that currently, 25,000 RT from the plant are connected to the Meydan Racecourse projects, which includes Meydan Boat House, The Gallery, Meydan Hotel, Meydan Receiving Barn and DHL Building.
Last week, Empower had announced that it would acquire developer Nakheel's district cooling unit for $234 million.
(Writing by N Madhura; Editing by Anoop Menon)
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