Empower buys cooling firm for $500m
Dubai, January 19, 2014
Dubai's Empower, a district cooling provider controlled by two government-owned firms, has completed the acquisition of Palm District Cooling from a unit of Dubai World for $500 million, a statement from Empower said on Sunday.
Empower, a joint venture between Dubai Electricity and Water Authority and Dubai Technology and Media Free Zone (Tecom) Investments, will fund the purchase using its internal cash, debt and equity financing.
District cooling is a centralised system for chilling large buildings, such as offices, factories and tower blocks, instead of having a large number of individual air conditioning units. - Reuters