International Holding Company, IHC, acquires 50% stake for $490 million in Turkey’s renewable energy firm Kalyon Energi.
Through its subsidiary International Energy Holding, IHC will now add this 50% stake to its sustainability portfolio, which they plan on growing across different markets.
“This constitutes IHC’s second-largest acquisition in the renewable energy sector to date. With this transaction, IHC is further accelerating its growth in the renewable energy sector by partnering with Kalyon Enerji,” said Syed Basar Shueb, Chief Executive Officer of IHC
The transaction includes a photovoltaic power plant project that has a 1,347.734 MWp / 1,000 MWe capacity in Ankara, as well as several solar power projects across Turkey.
“The steps we have taken in the energy sector and the investments we have made have attracted the attention of foreign investors so far. This strategic cooperation is of historical importance in terms of realising both potential projects in Turkey, and new markets and business fields in geographies, that we plan to enter in the world,” said Cemal Kalyoncu, Kalyon Holding Chairman of the Board.
Kalyon Karapınar, one of the solar power plants included in the deal, will cover the electrical energy needs of approximately 2 million people once it’s completed in 2023, and would prevent 2 million tons of fossil waste and carbon emissions.
“We have always been committed to enriching human life by contributing to social development without losing environmental awareness. With climate change being the defining challenge of our time, we must accelerate our efforts to transform our planet into a sustainable green economy.” Kalyoncu further commented.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.