Dubai-based cooling service provider Emirates Central Cooling Systems Corporation or Empower has signed an agreement to buy the district cooling infrastructure of Dubai International Airport for a total value of AED1.1 billion ($300 million), local reports have said.
Empower has involved local and international banks for financing to sign this project, the reports said.
The acquisition agreement was signed by Ahmad bin Shafar, CEO, Empower and Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation, in the presence of Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower.
The deal is a part of AED25-billion (around 6.81-billion) Public-Private Partnership project portfolio announced by the government of Dubai at the Expo 2020.
By signing this project, Empower has become the new owner as well as manager of all the existing district cooling systems of Dubai International Airport.
Empower will also own and manage its facilities and complexes, which have a total cooling capacity of 110,000 refrigeration tonnes, including five units. The total is equivalent to 11 times the capacity of Burj Khalifa.