International Energy Holding, part of International Holding Company (IHC), the diversified Abu Dhabi-based conglomerate, has acquired a 50% stake in Turkish clean energy market leader Kalyon Enerji for AED1.8 billion ($490 million).
The deal includes the photovoltaic power plant project with an installed capacity of 1,347.734 MWp / 1,000 MWe in the Karapinar Region in Konya, located in 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.
Kalyon Karapınar Solar Power Plant covers approximately 20 million sq m 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 the project gets completed, energy equivalent to one week’s need of a city with a population of 50,000 will be produced in just one hour. In other words, this facility alone will meet the annual electrical energy needs of approximately 2 million people. In addition, 2 million tonnes of fossil waste and carbon emissions will be prevented.
Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the Construction, Energy and Aviation industries. Through this transaction International Energy Holding will add to IHC Group’s international growth prospects with access to its power trading capabilities.
Commenting on the acquisition, Syed Basar Shueb, IHC’s Chief Executive Officer, 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, and this will complement our renewable energy portfolio, which we will continue to grow across different markets."
Underlining that this strategic cooperation is of great importance not only for the two countries but also on a regional scale, Cemal Kalyoncu, Kalyon Holding Chairman of the Board said: “The steps we have taken in the energy sector and the investments we have made, have attracted the attention of foreign investors so far. 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, it will make a great contribution to our geography as well as our country. We have always been committed to enriching human life by contributing to social development without losing environmental awareness. With climate change being the defining challenge of our time, we must accelerate our efforts to transform our planet into a sustainable green economy.”
The acquisition comes as part of IHC's long-term investment strategy in the clean energy sector and four months after its AED7.3 billion investment in Indian conglomerate Adani Group.-- TradeArabia News Service