Abu Dhabi’s IHC Invests In Turkey’s Kalyon Enerji

International Energy Holding Acquires 50% Stake In Kalyon Enerji For AED 1.8 Billion

Abu Dhabi’s IHC Invests In Turkey’s Kalyon Enerji

IHC sees the acquisition of 50% stake in Kalyon Enerji of Kalyon Holding as expanding its global footprint with access to its power trading capabilities. (Photo Credit: Kalyon Holding)

  • IHC has picked up 50% stake in Kalyon Enerji of Turkey, marking its foray into the Turkish market
  • Kalyon’s portfolio includes 1 GW AC Karapinar Solar Power Plant that’s scheduled to enter commercial operations in 2023
  • IHC is expanding its international growth with this acquisition that comes after it invested AED 7.3 billion in Adani Group of India

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 a 500 MW vertically integrated solar PV manufacturing facility in Turkey (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.

About The Author

Anu Bhambhani

Senior News Editor: Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.Before joining our team, Anu worked in various positions at publications of the Times Group in New Delhi. As a Principal Correspondent, she conceptualized special features and supplements for both The Times of India and The Economic Times. While Anu delved deep into solar at TaiyangNews, environment topics have been close to her heart before. As Assistant Editor, she was responsible for launching Planet Earth for The Economic Times, a special series on environment. Before joining the Times Group, Anu was a Copy Editor at the Hindustan Times.Anu holds a Masters degree in Journalism and Mass Communications from the University of Rajasthan. She also studied at the Centre for Science and Environment in New Delhi on E-Outreach: New Media Technologies for Advocacy and Strategic Communication, Social Media

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