Reading Time: 3 minutes
International Holding Company PJSC, a diversified Abu Dhabi-based conglomerate announces the acquisition of a half-share in the Turkish market leader in clean energy “Kalyon Enerji” through its subsidiary International Energy Holding for AED 1.8 billion.
Kalyon Enerji, which is part of the huge Turkish company Kalyon Holding, operates in the Construction, Energy, and Aviation industries. International Energy Holding, IHC’s subsidiary will acquire a 50% share in Kalyon Enerji. This will increase IHC Group’s international growth prospects and give it access to power trading capabilities.
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.”
The deal also included the photovoltaic plant project with an installed power of 1,347.734 MWp / 1000 MWe in Karapinar Region, Konya. Also, 100 MW Solar Projects in Nigde and 50 MW Solar Project in Gaziantep as well as other renewable projects located in different cities in Turkey.
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 realizing 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.”
Kalyon Karapinar Solar Power Plant was established on 20 million square metres in Konya’s Karapinar District. Installation and commissioning of 3.5 Million panels began in August 2020. They are expected to be complete in 2023. The project will produce enough energy to power a city of 50,000 people for one week in 1 hour. This means that the facility will be able to meet approximately 2 million people’s annual electricity needs. Additionally, 2 million tons of carbon emissions and fossil waste will be avoided.
This acquisition is part of IHC’s long-term investment strategy for the clean energy sector. It comes four months after Adani Group’s 7.3 billion investment. The company continues to expand its clean energy portfolio and deliver sustainable growth in this sector.