International Holding Co. (IHC) from Abu Dhabi will pay USD 490 million to acquire 50% of Kalyon Energy and participate in new solar and wind power projects. The Turkish target company is about to complete the Konya Karapınar solar power plant with a peak capacity of 1.35 GW.

Following a landmark deal between the United Arab Emirates and Turkey, services management and investment conglomerate IHC has agreed with Kalyon Holding to purchase 50% of Kalyon Energy (Enerji).

The Emirati company said that the portfolio consists of the Konya Karapınar solar power plant project of 1 GW, a 1 GW wind power project from the government’s YEKA program, a 100 MW solar project in Niğde, a future photovoltaic unit of 50 MW in Gaziantep and others. renewable energy efforts. IHC will purchase the stake for USD 490 million through its subsidiary International Energy Holding (IEH).

Abu Dhabi Development Holding agreed in November to participate in renewable energy projects in Turkey totaling 3 GW

Top Emirati and Turkish officials signed investment deals in November worth several billion dollars. At that time, the sovereign investment fund Abu Dhabi Development Holding or ADQ signed a strategic cooperation agreement with Turkey that included 3 GW of renewable energy projects. It also signed a cooperation agreement with Kalyon.

IHC has a market capitalization of USD 167 billion, making it the largest company traded on the Abu Dhabi Securities Exchange. The Kalyon deal is the second largest in the green energy sector, as four months ago it invested USD 2 billion in three subsidiaries of the Indian Adani Group.

Karapınar solar power plant to be completed by the end of the year

The Chairman of the Board of Kalyon Holding Cemal Kalyoncu said that the investment will be used for new solar and wind energy projects. The company earlier announced that it will finish the Karapınar solar power plant by the end of the year.

The facility is set to reach 1.35 GW of peak power or direct current capacity, which translates into 1 GW of alternating current (AC), which is the maximum it can provide to the transmission network. The solar power plant, worth USD 1 billion, is set to be one of the ten largest in the world.

Late last year the company secured a syndicated loan of USD 812 million for the Karapınar facility. The 12-year package is led by the British export credit agency UK Export Finance.

It will soon double the production capacity of its solar panel plant

Kalyon Group includes a solar panel plant in Ankara with an annual capacity of 1 GW. Kalyoncu emphasized that the plan is to double it. According to information from its website, the holding also intends to build a wind turbine plant.

Kalyon has 1 GW in its wind power portfolio that it won in an auction in 2017

As part of a consortium, five years ago the company won an auction for power purchase agreements with the government for 1 GW of wind power. It says it will build units in the provinces of Edirne, Kırklareli, Eskişehir and Sivas. This is the first tender within the Renewable Energy Resources Area (YEKA) scheme.

In the latest YEKA auction last June, Kalyon won three wind power projects totaling 160 MW.

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