Abu Dhabi based business conglomerate International Holding Company PJSC (IHC) has forayed into the Turkish market with the acquisition of 50% stake in Kalyon Enerji, a deal that includes 1 GW AC solar plant capacity due to be completed in 2023.
The Karapinar Solar Power Plant with 1,347.734 DC/1,000 MW AC capacity in Karapinar region of Konya in Turkey is under construction since August 2020 and is expected to be completed in 2023. It received £217 million financing from the UK Export Finance (UKEF) in November 2021 (see Finance For Turkey's Largest Solar Facility).
Once online, the 3.5 million solar panels will generate enough clean energy to meet annual electricity needs of some 2 million denizens. "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," stated IHC.
Part of Turkey's Kalyon Holding, Kalyon Enerji is also building other solar and wind energy projects. Kalyon group also operates in the field of solar PV manufacturing having started a 500 MW vertically integrated solar PV manufacturing facility in Turkey in August 2020 (see 500 MW Wafer-To-Panel Fab Opens In Turkey).
For IHC, the AED 1.8 billion acquisition expands its international growth prospects 'with access to its power trading capabilities' and is the company's 2nd largest acquisition after it invested AED 7.3 billion in India's Adani Group in April 2022.
"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," said IHC's CEO Syed Basar Shueb.