Abu Dhabi – Mubasher: Emirates Central Cooling Systems Corporation (Empower) on Tuesday announced that it has settled AED 2.67 billion ($728 million) million in loans before their due.

“This reflects the robustness and sustainability of our business model and our prudent financial strategy that is paying off significantly,” Ahmad Bin Shafar, CEO of Empower, said.

Accordingly, Empower, the world’s largest district cooling services provider, will have zero debt in its books at the end of 2018, the company said in a statement.

The UAE-based company was able to end up its three-tranche loan two years before its due.

“Empower has prepaid its loan installments in the past as well under bilateral and syndicated loan facilities. However, this prepayment has a specific significance as Empower has fully settled all its financial indebtedness and will not have any debt balance in its books as of 31st December, 2018” Bin Shafar added.

The credit facility was used for financing the acquisition of Palm District Cooling (PDC) and for other capex purposes, Empower said.

The CEO said that the company had an open dialogue with banks via which it ensures competitive financing for its expansion.