Abu Dhabi-based International Holding Company (IHC) acquired a 50 percent stake in Turkish Kalyon Enerji, a subsidiary of Kalyon Holding that mainly operates in the construction, energy, and aviation industries.
The USD 490 million-transaction includes the photovoltaic power plant project with an installed capacity of 1,347,734 MWp / 1,000 MWe in Konya's Karapinar district, 1 GW capacity-RES wind power plants, 100 MW solar project in Niğde, 50 MW solar project in Gaziantep, among other renewable projects in various cities across Türkiye.
Commenting on the acquisition, IHC CEO Syed Basar Shueb stated, "With this transaction that makes up IHC's second-largest acquisition in the renewables sector to date, IHC is further accelerating its growth in the renewable energy sector by partnering with Kalyon Enerji. This will complement our renewable energy portfolio, which we will continue to grow across different markets".
The power plant project in Konya was established on approximately 20 million square meters of land. The installation and commissioning of 3.5 million panels started in August 2020, and are expected for completion in 2023.
Once completed, the energy equivalent to the one-week need of 50,000 inhabitants will be generated in just an hour, and meet the annual energy needs of approximately two million people. The plant will also eliminate two million tons of fossil waste and carbon emissions.
The deal arrives at a time after the two countries committed to step up cooperation in various fields during their official visits.