Advising Abu Dhabi’s IHC in its acquisition of US$510m stake in Kalyon Enerji

Pekin Bayar Mizrahi, in collaboration with Norton Rose Fulbright, has advised International Holding Company (IHC) in connection with its c. AED 1.8 billion (US$510m) contemplated acquisition of a 50% stake in Kalyon Enerji, through its subsidiary International Energy Holding.

The deal, which was signed on 10 August, saw International Energy Holding acquire Kalyon Karapınar Solar Power Plant, a photovoltaic power plant project with an installed capacity of 1,347.734 MWp / 1,000 MWe in the Karapinar region in Konya. As part of the purchase, it also acquired the wind Project of 1GW capacity developed by YEKA, 100 MW Solar Project in Niğde, 50 MW Solar Project in Gaziantep, and other renewable projects in Turkey.

Once fully completed, the Kalyon Karapınar Solar Power Plant alone will meet the annual electrical energy needs of approximately two million people.

IHC has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 619 billion (US$168b). The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.

Turkish clean energy market leader, Kalyon Enerji, which is part of Turkish conglomerate Kalyon Holding, focuses on research and development and innovation studies, with the aim of making renewable energy sources accessible to meet rising demands. Its investments in the energy sector focus on gas, solar and wind energy.

The multi-disciplinary Turkish law team was led by partners Selin Bayar and Utku Ünver, with support from partners Deniz Altınay and Aslı Kucuroğlu from Pekin Bayar Mizrahi, alliance firm of Norton Rose Fulbright. The team also included senior associates Galya Kohen Benbanaste and Hande Alp, associates Damla Çay, Alara Ünal, Ecem Akyiğit, Betül Terzioğlu and Öykü Çakalgöz.

English law and transactional advice were provided by Norton Rose Fulbright’s multi-jurisdictional team led by Dubai-based corporate partner Zubair Mir, with support from partners Mark Berry, Nicholas Kramer, Angela Croker and Ayse Yuksel Mahfoud. The team also included counsel Shazi Askarpour, Andrew Davies and Victoria Scopes, senior associates Ed Gardner and Kenza Bensaid, and associates Kanan Kasuya and Alper Tuzun.

The acquisition comes four months after IHC’s AED 7.3 billion (US$1.9b) investment in Indian conglomerate Adani Group, which the Norton Rose Fulbright Dubai team also advised on.

Selin Bayar
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