Abu Dhabi's IHC acquires 50 pct of Turkish energy firm

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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.

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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.

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