Multiply Group acquires 80% of International Energy Holding

Multiply Group acquires 80% of International Energy Holding

Multiply Group, an ADX-listed holding company, acquires 80% of International Energy Holding (IHE). Multiply Group aims to continue expanding its utilities and energy investments through IHE. 

International Energy Holding had recently acquired a 50% stake in Kalyon Enerji Yatrimlari, a clean and renewable energy company based in Turkey.

Kalyon Enerji’s assets include a PV power plant project with an installed capacity of 1,000 MWe that meets the annual electrical energy needs of approximately 2 million people.

“Our investment in International Energy Holding reflects our strategy to build up our utilities vertical which has contributed to our financial performance with a steady income, considering the current macroeconomic backdrop. The industry also offers strong growth potential as the world transitions towards clean and renewable energy. This also reflects our commitment to advancing the renewable and clean energy agenda in line with the goals of the UAE government,” Samia Bouazza, CEO and Managing Director at Multiply Group, said.

Multiply Group had also recently invested AED 10 billion in a 7.3% stake in the Abu Dhabi National Energy Company (TAQA), a 100% ownership of PAL Cooling Holding, and an AED 367 million stake in the initial public offering of DEWA.

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