Dubai-headquartered Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, said on Monday that it has signed a 860-million UAE dirham ($234 million) acquisition agreement with developer Nakheel’s to acquire its district cooling unit.
 
Under the agreement, Empower will acquire Nakheel's 19 district cooling plants with a total cooling capacity of 110,000 refrigeration tonnes (RT), the disrict cooling company said in a press statement.
 
The statement said the financing of the deal would be through a mix of internal funds and financing from local and international banks.
 
Ahmad bin Shafar, CEO of Empower said the acquisition will further diversity Empower’s portfolio which will now include The Gardens, Nakheel Mall, Dragon Mart, Souk Al Marfa, Jumeirah Islands, Circle Mall, and Al Khail Avenue.
 

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He added that besides this deal, Empower is also exploring various other opportunities to acquire more district cooling assets.
 
The Nakheel plants being acquired currently serve more than 18,000 customers across 17 projects in Dubai, the statement said.
 
Empower provides district cooling services to more than 1,252 buildings, catering to more than 140,000 customers, with a total cooling capacity of 1.64 million RT.
 
(Writing by SA Kader; Editing by Anoop Menon)
 

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