Abu Dhabi’s IHC takes 50 pct stake in Kalyon Enerji

Abu Dhabi’s IHC takes 50 pct stake in Kalyon Enerji

Abu Dhabi’s IHC takes 50 pct stake in Kalyon Enerji

International Holding Company (IHC), the diversified Abu Dhabi-based conglomerate, has announced the acquisition of a 50 percent stake in Turkish clean energy firm Kalyon Enerji for AED 1.8 billion (around $490 million) through its subsidiary International Energy Holding.

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

The deal included the photovoltaic power plant project in the Karapınar region in Konya, l the wind project of 1GW capacity developed by YEKA, located in Ankara, 100 MW Solar project in Niğde, 50 MW Solar Project in Gaziantep, and other renewable projects in various cities of Türkiye, said IHC in a statement.

The Karapınar Solar Power Plant established on approximately 20 million square meters 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 is 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 1 hour. In addition, 2 million tons of fossil waste and carbon emissions will be prevented.

“The steps we have taken in the energy sector and the investments we have made, have attracted the attention of foreign investors so far,” said Cemal Kalyoncu, Kalyon Holding Chairman of the board.

This strategic cooperation is of historical importance in terms of realizing both potential projects in Türkiye, and new markets and business fields in geographies that Kalyon plans to enter in the world, he added.

“This constitutes IHC’s second-largest acquisition in the renewable energy sector to date,” said Syed Basar Shueb, IHC’s chief executive officer.

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