Empower acquires 19 district cooling plants from Nakheel for AED860m

Dubai district cooling company Emirates Central Cooling Services Corporation (Empower) has acquired 19 district cooling assets from Nakheel in a deal with AED860m ($242m)

Dubai district cooling company Emirates Central Cooling Services Corporation (Empower) has acquired 19 district cooling assets from Nakheel in a deal with AED860m ($242m).

The 19 district cooling plants have a total capacity of 110,000 refrigeration tonnes (RT).

Under the terms of the acquisition agreement, Empower will acquire all of the assets of the Nakheel’s district cooling systems that serves more than 18,000 customers in 17 major urban projects through 19 plants across Dubai. Empower will also manage and operate the plants.

Energy & Utilities reported earlier in August that Nakheel Properties had selected Empower as the preferred bidder of the divestment of Nakheel’s district cooling assets.

Synergy Consulting and Clifford Chance provided seller’s advisory and legal advisory services respectively.

Nakheel has developed some of the emirate’s most iconic projects including the Palm Jumeirah, Jumeirah Islands and Dragon City.