RELATED ARTICLES: Hotels consuming 15% of Empower's DC output l Empower awards $42m Dubai cooling plant contract l Competition 'very tough' for Dubai DC plant deal
District cooling company Empower has agreed a $142m, five-year loan deal from Doha Bank.
The company said the loan will allow it to increase its expansion in Business Bay and at other planned projects across Dubai.
"Empower is pleased to have this financing facility from Doha Bank. This loan will help us in pursuing our strategy of financing projects through an optimum mix of debt and equity to maximize our shareholder returns," said Empower CEO Ahmad Bin Shafar.
"Empower has adopted a business model that works on the basis of investing in plants and network infrastructure driven by actual demand," Bin Shafar added.
The firm is currently developing its second district cooling plant in Business Bay, which will have an ultimate capacity of 45,000 RT when complete in mid-2014. This plant is expected to meet a rise in cooling demand in the area.
"We are pleased to have the opportunity to help finance Empower's future growth. Doha Bank is committed to supporting the wider business community in the UAE and for this reason, we see the potential to grow with Empower in terms of cross selling our financial products and support their long term financial needs," said Doha Bank CEO Dr. R. Seetharaman.
Story continues below 
