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Abu Dhabi’s Multiply Group acquires 80% of International Energy Holding

Gulfbusiness.com logo Gulfbusiness.com 04/10/2022 Zainab Mansoor
Al Reem Island - Abu Dhabi © Motivate Publishing Al Reem Island - Abu Dhabi

Abu Dhabi-based holding company Multiply Group has acquired 80 per cent of International Energy Holding (IEH).

Under IEH, Multiply Group aims to continue expanding its utilities and energy investments globally. IEH’s remaining 20 per cent has been acquired by Alpha Dhabi Holding, a subsidiary of the International Holding Company (IHC).

International Energy Holding recently acquired a 50 per cent stake in Kalyon Enerji Yatrimlari, a clean and renewable energy company based in Türkiye. Kalyon Enerji’s assets include the PV power plant project with an installed capacity of 1,347.734 MWp/1,000 MWe in Konya’s Karapinar region. Upon completion in 2023, the facility alone will meet the annual electrical energy needs of approximately 2 million people.

The company also has a wind project of 1 GW capacity in Ankara developed by Türkiye’s Renewable Energy Resources Zone (YEKA), a 100 MW solar project in Niğde, a 50 MW solar project in Gaziantep, and other renewable energy projects in various cities of Türkiye.

Samia Bouazza, CEO and managing director at Multiply Group, said, “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.”

Multiply Group had recently invested Dhs10bn in a 7.3 per cent stake in the Abu Dhabi National Energy Company (TAQA).

Read: ADQ monetises minority stake in Taqa to Multiply Group, Abu Dhabi Pension Fund, other investors

Other investments made by the group include a 100 per cent ownership of UAE-based PAL Cooling Holding and a $100m stake in Dubai Electricity and Water Authority’s IPO.

Read: Abu Dhabi’s Multiply Group to invest Dhs367m in DEWA IPO

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