Emirates Central Cooling Systems Corp. (Empower), the Dubai-listed district cooling company, said its board approved new financing facilities of up to AED5.5 billion ($1.5 billion).
The three-year unsecured facilities will be both conventional and Islamic, the company said in a disclosure to the Dubai Financial Market, according to Argaam.
The board approved the facilities by circular resolution on Friday, Oct. 23, the company said.
The funds will be used to refinance Empower’s existing financing facilities and for general corporate purposes.
The company had said on Oct. 21 that its board would consider the refinancing.
Empower did not name the lenders or disclose pricing for the new facilities.
