Thursday 1 December 2022

Multiply Group expands with energy firm acquisition

ABU DHABI, October 4, 2022

Multiply Group, an Abu Dhabi-based holding company with global presence across five industries, including media and communications, utilities, mobility, wellness and beauty, and digital economy, has acquired 80 per cent of International Energy Holding.  
International Energy Holding recently acquired a 50 per cent stake in Kalyon Enerji Yatrimlari, a market leading clean and renewable energy company based in Turkey. Under IEH, Multiply Group aims to continue expanding its utilities and energy investments globally. 
Kalyon Enerji’s assets include the PV power plant project with an installed capacity of 1,347.734 MWp/1,000 MWe in the 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.
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 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 Dh10 billion in a 7.3 per cent stake in the Abu Dhabi National Energy Company (TAQA). 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 a Dh367-million ($100 million) stake in the initial public offering of DEWA, Dubai's utility company.
Multiply Group’s investments span many industries including businesses such as Emirates Driving Company, 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).-TradeArabia News Service


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