Abu Dhabi-based International Holding Company (IHC) announced on Thursday acquisition of a 50 percent stake in Turkish clean energy company, Kalyon Enerji.
The acquisition cost is estimated at AED1.8 billion ($490.1 million).
IHC will make the stake acquisition in the Turkish company through its subsidiary International Energy Holding.
Kalyon Enerji is owned by the Turkish group Kalyon Holding, which operates in the construction, energy and aviation industries.
The stake acquisition deal includes the photovoltaic power plant project of Kalyan Enerji with an installed capacity of 1,000 MWe in the Karapinar region in Konya, Ankara, the wind project of 1GW capacity developed by YEKA, 100 MW solar project in Niğde, 50 MW solar project in Gaziantep, and other renewable projects in various cities of Turkey.
The stake acquisition will provide IEH more power trading capabilities, besides adding to the Group’s international growth prospects, the company said.
Syed Basar Shueb, IHC’s chief executive officer, said this would be IHC’s second-largest acquisition in the renewable energy sector to date.
“With this transaction, IHC will be further accelerating its growth in the renewable energy sector, besides complementing our renewable energy portfolio,” Shueb said.
Cemal Kalyoncu, chairman of Kalyon Holding, said the strategic cooperation was of great importance not only for the two countries but also on a regional scale.
“This strategic cooperation is of high significance in terms of realising both potential projects in Turkey, and new markets and business fields in geographies that we plan to enter in the world,” Kalyoncu said.
Kalyon Karapınar solar power plant was established on approximately 20 million square metres in Konya’s Karapınar district.
The installation and commissioning of 3.5 million panels started in August 2020 and are set to be completed in 2023.
When completed, just one hour of energy production of the plant would be enough for the one-week need of a city with a population of 50,000.
In addition, 2 million tons of fossil waste and carbon emissions will be prevented.
The acquisition comes as part of IHC’s long-term investment strategy in the clean energy sector.
It also comes four months after its AED7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.
Follow us on
