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Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced on Tuesday the signing of a contract - involving an investment of Dh1.8 billion - with Nakheel to provide district cooling services to Jumeirah Village Circle and Jumeirah Village Triangle.
Empower said it would build up six cooling plants in the two locations, to provide260,000 refrigeration tons (RT) for the 400 buildings over five years with an investment of Dh1.8 billion. The project is divided into several phases and Empower will produce 30,000 RT by the fourth quarter of this year.
The agreement was signed at Nakheel's headquarters, between Ahmad bin Shafar, chief executive officer of Empower, and Sanjay Manchanda, chief executive officer of Nakheel, in the presence of Ali Rashid Lootah, chairman of Nakheel. Also senior officials from both companies attended the signing ceremony.
"In response to the growing demand for district cooling, and in line with our expansion strategy, we are delighted to win these two contracts from Nakheel to provide district cooling services to Jumeirah Village Circle and Jumeirah Village Triangle," said Bin Shafar while singing the agreement. "We share with Nakheel similar standards and reliability of services. Our goal is to provide world-class cooling services that live up to the expectations of residents."
"Developers are becoming increasingly aware of the advantages of reliability of district cooling service. The strong local and international reputation of Empower has made it the first choice for cooling services, thus helping us acquire larger segment of the district cooling market in Dubai," said Bin Shafar.
"Over the past few years, we saw a dramatic expansion that made us the largest global provider in terms of capacity. However, this did not cool down our ambition, so we started a new strategy this year and signed series of agreements. The next stage will see several partnerships and agreements in response to the wide demand for district cooling services," said bin Shafar.
Founded in 2003 as a joint venture between Dubai Electricity and Water Authority and Tecom Investments, Empower has been recording remarkable growth over the years to record net profits of Dh516 million for 2015, a 27 per cent increase over 2014. It total revenues reached Dh1.66 billion in 2015, a 12 per cent year-on-year increase. Empower, which accounts for a major share of Dubai's district cooling market, has achieved a record saving of 263 million in imperial gallons of fresh water in 2015, enough to fill 478 Olympic swimming pools due to the use of Treated Sewage Effluent (TSE) as opposed to desalinated water. With its district cooling transmission pipeline in Dubai currently surpassing 223 kilometres mark, Empower operates more than 1,100,000 RT, providing environmentally responsible district cooling services to large-scale real estate developments, such as Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World Trade Centre Residences and Dubai Design District, among others. - issacjohn@khaleejtimes.com
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