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IHC only deals in mega-transactions. Its clean energy investments in Turkey through a strategic stake in Kalyon Enerji will come in handy long-term. Image Credit: Supplied

Dubai: Abu Dhabi-headquartered International Holding Company has completed its acquisition of a 50 per cent stake in Turkish clean energy major Kalyon Enerji for Dh1.8 billion. The latter is part of Turkish group Kalyon Holding, which operates in the construction, energy and aviation industries.

In this transaction, IHC’s subsidiary, International Energy Holding, will have a 50 per cent stake in Kalyon Enerji. The acquisition raises IHC’s international growth prospects with access to power trading.

“This constitutes IHC’s second-largest acquisition in the renewable energy sector to date,” said Syed Basar Shueb, IHC’s CEOr. “This will complement our renewable energy portfolio, which we will continue to grow across different markets”.

The Dh1.8 billion deal included 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; a 100 MW solar project in Niğde; a 50 MW solar project in Gaziantep; and other renewable projects.

The acquisition comes as part of IHC’s long-term investment strategy in the clean energy sector and four months after its Dh7.3 billion investment in Indian conglomerate Adani Group’s green energy-owned companies.

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

The Kalyon Karapınar solar plant spreads around 20 million square metres. 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 one hour. This facility alone will meet the annual electrical energy needs of 2 million people. In addition, 2 million tons of fossil waste and carbon emissions will be prevented.