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Turkish renewables firm Kalyon Enerji sells 50% stake to Abu Dhabi's IHC for 477 mln euro

Turkish renewables firm Kalyon Enerji sells 50% stake to Abu Dhabi's IHC for 477 mln euro Part of Kalyon’s Yeka project. Picture credit: GE Renewable Energy.

SOFIA (Bulgaria), August 12 (SeeNews) - Abu Dhabi-based conglomerate International Holding Company, or IHC, said it has acquired 50% of Turkey's Kalyon Enerji, the renewables arm of construction, energy and aviation group Kalyon Holding, for 1.8 billion Emirati dirham ($490.1 million/ 477.1 million euro), adding several solar and onshore wind projects to its portfolio.

The deal is channelled through IHC’s subsidiary, International Energy Holding, the buyer said in a press release earlier this week.

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As IHC's second-largest renewable energy acquisition to date, the deal includes the Konya Karapinar solar plant under construction near Ankara with capacity of 1,348 MWp, a 1-GW onshore wind project developed by the government's Renewable Energy Resources Zones (YEKA) programme, a 100-MW solar project in Niğde, central Anatolia, a 50-MW solar project in Gaziantep as well as several other renewable projects across Turkey.

"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," Kalyon Holding board chairman, Cemal Kalyoncu, said.

The Kalyon Karapinar plant, consisting of 3.5 million photovoltaic (PV) panels, is expected to be commissioned in 2023.

IHC's entry in the Turkish renewables market comes just four months after its 7.3 billion dirham investment in three units of Indian conglomerate Adani Group in line with the conglomerate's ongoing long-term investment strategy in the clean energy sector.

(1 AED = $ 0.2722/0.2648 euro)