Multiply Group, an Abu Dhabi-based holding company, has acquired 80 percent of International Energy Holding (IEH).
The remaining 20 percent of International Energy Holding has been acquired by Alpha Dhabi Holding, an Abu Dhabi-based conglomerate and subsidiary of the International Holding Company (IHC).
Under IEH, Multiply Group aims to continue expanding its utilities and energy investments globally.
Recently, IEH acquired a 50 percent stake in Turkish-based clean and renewable energy firm Kalyon Enerji Yatrimlari A.Ş.
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.
When the project is completed in 2023, this 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 Turkey’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 Turkey.
Moreover, Multiply Group recently invested 10 billion dirhams in a 7.3 percent stake in the Abu Dhabi National Energy Company (TAQA). Other investments also include 100 percent ownership of UAE’s cooling company PAL Cooling Holding and a 367 million dirhams ($ 100 million) stake in the initial public offering (IPO) of utilities company DEWA.
In its June quarterly review, the FTSE Global Equity Index Series Mid Cap Index welcomed Abu Dhabi-based technology-focused holding company Multiply Group.
