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Multiply Group, an Abu Dhabi-based holding company with operations in five global industries including media and communications, utilities, mobility, health and beauty and the digital economy, has acquired an 80% stake in International Energy Holding.
International Energy Holdings has recently acquired a 50% stake in Kalyon Enerji Yatrimlari, a market-leading clean and renewable energy company based in Turkey. Under the IEH umbrella, Multiply Group aims to continue expanding its utility and energy investments globally.
Kalyon Enerji’s assets include a photovoltaic power plant project in the Karapinar area of Konya with an installed capacity of 1,347.734 MWp / 1,000 MWe. When the project is completed in 2023, the facility alone will meet the annual electricity needs of about 2 million people.
The company is also developing the 1 GW wind power project in Ankara, the 100 MW solar project in Neder, the 50 MW solar project in Gaziantep, and other renewable energy projects in various cities in Turkey, in the Turkish Renewable Energy Area (YEKA).
Samia Bouazza, CEO and Managing Director of Multiply Group, said: “Given the current macroeconomic backdrop, our investment in International Energy Holdings reflects our strategy to build a utility vertical that supports our financial performance and stable growth. Revenue has contributed. The industry also has strong growth potential as the world transitions to clean and renewable energy. This also reflects our commitment to advancing the renewable and clean energy agenda in line with the UAE government’s goals.”
Multiply Group recently invested AED10 billion in the purchase of a 7.3% stake in Abu Dhabi National Energy Company PJSC (TAQA). Other investments include 100% ownership of PAL Cooling Holding, one of the top players in the regional cooling industry in the UAE, and a 367 million dirham ($100 million) stake in DEWA’s IPO, This is the leading fully integrated enterprise. utility company.
Multiply Group’s investments span multiple industries, including Emirates Driving, PAL Cooling Holding, Omorfia Group, Viola Communications, HealthierU, TAQA, DEWA, Borouge Getty Images, Savage X Fenty, Firefly and Yieldmo.
Major shareholders of Multiply Group include International Holding Company (IHC), one of the fastest growing and most valuable companies in the UAE.-TradeArabia News Service
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