26.4 C
Cairo
June 20, 2024
Egypt Bulletin
Business

With an AED1.8 billion deal, IHC buys 50 percent of Turkish Kalyon Enerji

Through its subsidiary International Energy Holding, International Holding Company (IHC) has acquired a 50% stake in Turkish clean energy market leader Kalyon Enerji for AED1.8 billion. The Turkish company Kalyon Enerji is owned by Kalyon Holding, which operates in the construction, energy, and aviation sectors. As part of this transaction, IHC’s subsidiary, International Energy Holding, will own 50% of Kalyon Enerji, adding to IHC Group’s international growth prospects.

With an AED1.8 billion deal, IHC buys 50 percent of Turkish Kalyon Enerji
Photo for illustrative purposes only

The AED1.8 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, 100 MW Solar Project in Niğde, 50 MW Solar Project in Gaziantep, and other renewable projects in various cities of Turkey. The Kalyon Karapnar Solar Power Plant is located in the Karapnar district of Konya on approximately 20 million square meters. Installing and commissioning 3.5 million panels started in August 2020 and is expected to finish in 2023. Within just one hour, the equivalent energy needed by a city with a population of 50,000 will be generated.

Approximately 2 million people will be able to get their electricity from this facility alone. Additionally, 2 million tons of fossil waste and carbon emissions will be avoided. A total of AED7.3 billion has been invested in the green energy sector by IHC as part of its long-term investment strategy in the sector and four months after the company invested in the Indian conglomerate Adani Group, which owns green energy firms.

Related posts

OFID signs deal to co-finance road network in Bangladesh

ADNOC invests over $764 million in drilling-related services

Masdar wins bid to build $174 million solar project in Armenia

$750 million Emirates NBD bond listed on Nasdaq Dubai

Dubai real estate transactions cross AED4.1 billion in a week

Danish Government confirms official participation at Expo 2020 Dubai