UAE’s Multiply Group acquires majority stake in International Energy Holding

Abu Dhabi-based holding company, Multiply Group has acquired 80 percent of International Energy Holding (IEH), a subsidiary of UAE-based investment firm, International Holding Company.

The company said in a statement that the Group intends to continue expanding its utilities and energy investments globally.

The remaining 20 percent of International Energy Holding has been acquired by Abu Dhabi-based conglomerate Alpha Dhabi Holding, according to the statement.

“Our investment in International Energy Holding reflects our strategy to build up our utilities vertical which has contributed to our financial performance with a 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 $2.7 billion (AED10 billion) in a 7.3 percent stake in the Abu Dhabi National Energy Company (TAQA). “Other investments also include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry, and a $100 million (AED367 million) stake in the initial public offering of Dubai Electricity and Water Authority (DEWA), the leading fully-integrated utilities company,” as per the statement.

Recently, International Energy Holding acquired a 50 percent stake in Kalyon Enerji Yatrimlari A.Ş., a market-leading clean and renewable energy company based in Turkey.

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.

Related: UAE’s Ducab to supply cable solutions to world’s largest solar power project