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Empower acquires Dubai Airport’s district cooling systems At AED 1.1 billion, it is the largest deal of its kind, utility provider says By CCME Content Team
Standing (L-R): H.E. Saeed Mohammed Al Tayer and H.H. Sheikh Ahmed bin Saeed Al Maktoum Sitting (L-R): Ahmad Bin Shafar and H.E. Khalifa Al Zaffin
n 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 of Emirates Airline & Group and the Chairman of the Dubai Supreme Council of Energy, Empower signed an agreement to acquire the district cooling systems of Dubai International Airport, with a total cooling capacity of 110,000 refrigeration tons (RT), for a total value of AED 1.1 billion. Making the announcement through a Press release, the utility provider added that the deal materialised through a combination of internal accruals and debt financing from local and international banks with which
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Empower has close strategic relations. His Excellency Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower, was also present at the signing ceremony. The acquisition agreement was signed by Ahmad Bin Shafar, CEO, Empower and His Excellency Khalifa Al Zaffin, Executive Chairman, Dubai Aviation City Corporation (DACC). Under the acquisition agreement, Empower said, it will own and manage all the existing district cooling infrastructure of Dubai International Airport, with all its facilities and complexes, with a capacity of up to 110,000 RT that include five units. This capacity, it added, covers the equivalent of 11 times the consumption of
Burj Khalifa, the world’s tallest tower. H.H. Sheikh Ahmed bin Saeed Al Maktoum, said: “The deal is a part of the AED 25 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. “The deal supports the DACC’s continuous endeavors to achieve its ambitious strategy emanating from both the
