Abu Dhabi’s International Holding Company (IHC) has acquired half of Turkish energy company Kalyon Energy for AED 1.8 billion ($500 million), state news agency WAM reported on Thursday.
IHC acquired the 50 percent stake in the Turkish “clean energy market leader” through its subsidiary International Energy Holding, WAM said.
According to IHC’s CEO Syed Basar Shueb, this is the company’s second-largest acquisition in the renewable energy sector.
“This will complement our renewable energy portfolio, which we will continue to grow across different markets,” Shueb told WAM.
The deal included a power plant in the Karapinar region in Konya in the south of the country, a solar project in the south-east of the country, and other renewable projects in Turkey, WAM said.
The acquisition comes four months after its AED 7.3 billion ($2 billion) investment in Indian conglomerate Adani Group- green energy-owned companies, WAM said.