Abu Dhabi’s IHC acquires 50% stake in Turkish clean energy company Kalyon Enerji

Abu Dhabi-based International Holding Company (IHC) announced the acquisition of a 50 per cent stake in Turkish clean energy market leader ‘Kalyon Enerji’ for Dhs1.8bn through its subsidiary, International Energy Holding.

Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the construction, energy and aviation industries.

Syed Basar Shueb, CEO of IHC said, “This constitutes IHC’s second-largest acquisition in the renewable energy sector to date. With this transaction, IHC is further accelerating its growth in the renewable energy sector by partnering with Kalyon Enerji. This will complement our renewable energy portfolio, which we will continue to grow across different markets”.

IHC acquires 50% of Turkish ‘Kalyon Enerji’ in AED1.8 billion transaction#WamNews https://t.co/JhvvJW1F6V

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The Dhs1.8bn deal included the photovoltaic power plant project with an installed capacity of 1,347.734 megawatt peak (MWp) / 1,000 megawatt electrical (MWe) in the Karapinar Region in Konya, the wind Project of 1 GW capacity developed by Turkey’s Renewable Energy Resources Zone (YEKA), 100 MW Solar Project in Niğde, 50 MW Solar Project in Gaziantep, and other renewable projects in various cities of Turkey.

Syed Basar added, “This strategic cooperation is of historical importance 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, will make a great contribution to our geography as well as our country.”

The Kalyon Karapınar Solar Power Plant was established on approximately 20 million square metres in Konya. The installation and commissioning of 3.5 million panels started in August 2020 and are set to be completed in 2023.

When completed, the energy equivalent to the one-week need of a city with a population of 50,000 will begin to be produced in just an hour. This facility alone will meet the annual electrical energy needs of approximately two million people. In addition, two million tonnes 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 and four months after its Dhs7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.

Read: Abu Dhabi’s IHC to invest Dhs7.3bn in India’s Adani Group