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UAE Freezones Biz News Updates
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Empower acquires Palm Utilities in $500m deal
The acquisition will be funded through a combination of internal accruals,
equity and debt financing.
Ahmad
bin Shafar and Hamad Buamim signing a deal to create the world’s largest
district cooling services provider.
Empower on Sunday announced that it acquired Palm Utilities, including
its district cooling service entity Palm District Cooling (PDC), from
Istithmar World in what is considered to be one of the largest ever
acquisitions in the district cooling industry.
Ahmad bin Shafar, chief executive, Empower, and Hamad Buamim, board member
of Dubai World, signed the agreement. The acquisition will be funded through
a combination of internal accruals, equity and debt financing.
Shaikh Ahmed bin Saeed Al Maktoum, President, Dubai Civil Aviation
Authority; Chairman of Dubai Airports; Chairman and CEO of Emirates Airline
and Chairman of Dubai World; Mohammed Ibrahim Al Shaibani, board member of
Dubai World and Director-General of The Ruler’s Court; and Saeed Mohammed Al
Tayer, board member and CEO, Dewa and chairman of Empower, attended the
event.
“Empower’s acquisition of Palm Utilities and Palm District Cooling is in
response to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Vice-President and Prime Minister of the UAE and Ruler of Dubai, to position
Dubai as a centre for sustainable development. The new combined entity is
also a reflection of Shaikh Mohammed vision to place the UAE at the
forefront of industry and business,” said Shaikh Ahmed.
Empower will immediately take over all projects, functions, operations,
assets and liabilities of Palm Utilities including Palm District Cooling
which was previously owned and operated by Istithmar World. “This deal is
extremely important for Dubai because it sheds light on an emerging industry
that offers many investment opportunities. It has also led to the
establishment of the largest district cooling provider in the world which
highlights the strength of industries in Dubai and the promising
opportunities that it offers,” said Mohammed Shaibani. Saeed Mohammed Al
Tayer said this deal emphasises the importance of establishing sustainable
communities across the emirate and it is in line with Dubai’s vision to
become one of the world’s most sustainable cities and a role model for
energy efficiency.
“Through this acquisition, we aim to enhance energy efficiency and meet the
growing demand for district cooling services in response to Dubai’s
increasing economic development, having won the bid to host Expo 2020.”
Ahmad Bin Shafar said Empower’s acquisition of Palm Utilities and PDC, which
is worth about $500 million is an important step towards enhancing our
strategy which aims to support Green Economy for Sustainable Development.
“This deal will position Empower as the leader in district cooling on a
regional and international level. It will also increase the company’s market
share in the UAE to about 70 per cent, in addition to increasing its
capacity to around one million Refrigeration Tonnes (RT) and therefore the
company becomes the largest district cooling provider in the world from a
capacity perspective,” Bin Shafar added.
He said this step is considered an important achievement in Empower’s
journey and complements the company’s current business and expansion
strategy. It will also serve to develop sustainable energy practices in the
Emirate which will reflect positively on the development of this vital
sector and therefore guarantee the availability of efficient district
cooling services in Dubai.
20 Jan, 2014 |
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Courtesy Khaleej Times
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