Multiply Group, an Abu Dhabi technology-focused investment holding company, has acquired 80 per cent of shares of International Energy Holding, a subsidiary of International Holding Company (IHC), the Abu Dhabi-based conglomerate.
The acquisition of a majority stake in IEH by Multiply follows a purchase of a 50 per cent stake in Kalyon Enerji Yatrimlari Turkish clean and renewable energy company by IEH, the group said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Through this acquisition, Multiply aims to continue to expand its utilities and energy investments, the company said.
“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,” said Samia Bouazza, Multiply chief executive and managing director.
Turkey-based Kalyon Enerji’s assets include the photovoltaic power plant project with an installed capacity of 1,348 megawatts peak — a unit of measurement for the output of power from renewable sources — in the Karapinar region.
When the project is completed in 2023, this facility alone will meet the annual electrical energy needs of approximately two million people, it said.
The company also has a wind project with a 1 gigawatt capacity in Ankara, a 100MW solar project in Niğde, a 50MW solar project in Gaziantep, and other renewable energy projects in cities across Turkey.
“The [utility] industry 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,” Ms Bouazza said.
The remaining 20 per cent of IEH shares have been acquired by Alpha Dhabi Holding, an Abu Dhabi-based conglomerate and subsidiary of IHC, Hamad Salem Alameri, managing director of Alpha Dhabi Holding, said in a statement to ADX.
Multiply recently invested Dh10 billion ($2.7bn) in a 7.3 per cent stake in the Abu Dhabi National Energy Company.
Other investments also include 100 per cent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry, and Dh367 million stake in the initial public offering of Dubai Electricity and Water Authority.