Eighty percent of the shares of International Energy Holding, a division of International Holding Company (IHC), the conglomerate with its headquarters in Abu Dhabi, have been purchased by Multiply Group, an investment holding company with a technology-focused focus. Multiply’s purchase of a majority position in IEH comes after IEH purchased a 50% investment in the Turkish clean and renewable energy business Kalyon Enerji Yatrimlari, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. According to a statement from multiply, Alpha Dhabi Holding, another IHC subsidiary, has bought the final 20% of International Energy Holding. It did not provide the transaction’s value. Recent investments by Multiply Group include AED 10 billion for a 7.3% share in the Abu Dhabi National Energy Company and AED 367 million for the utility DEWA’s recent initial public offering. An oil and gas conglomerate called International Energy Holding has purchased a 50% share in Turkish clean and renewable energy firm Kalyon Enerji Yatrimlari A..
Multiply intends to increase its interests in utilities and energy through this acquisition, the business stated. According to Samia Bouazza, chief executive and managing director of Multiply, “Our investment in International Energy Holding reflects our strategy to build up our utilities vertical, which has contributed to our financial performance with steady income, considering the current macroeconomic backdrop.” The solar power plant project in the Karapinar area, with an installed capacity of 1,348 megawatts peak (a unit of measurement for the output of power from renewable sources), is one of the assets of Turkey-based Kalyon Enerji.
According to the statement, this facility will be able to supply all of the yearly electrical energy requirements of about two million people when the project is finished in 2023. The company also has other renewable energy projects in Turkish cities, including a 100MW solar project in Nide, a 50MW solar project in Gaziantep, and a 1 GW wind project in Ankara. “As the global energy landscape shifts toward clean and renewable sources, the [utility] industry provides significant development opportunity. This also demonstrates our dedication to promoting the clean energy agenda in line with the objectives of the UAE government, according to Ms. Bouazza.
According to a statement made to ADX by Hamad Salem Alameri, managing director of Alpha Dhabi Holding, a conglomerate with an Abu Dhabi address and a subsidiary of IHC, has acquired the final 20% of IEH shares. Both transactions were confirmed by IHC through a regulatory report to ADX. The financial terms of the two acquisitions were not disclosed by the parties. Recent investments by Multiply totaled Dh10 billion ($2.7 billion) for a 7.3% share in the Abu Dhabi National Energy Company. Other investments include full ownership of PAL Cooling Holding, one of the leading companies in the UAE’s district cooling market, and a Dh367 million investment in Dubai Electricity and Water Authority’s initial public offering.
