Norton Rose Fulbright advises IHC on its second largest acquisition in the renewable energy sector

Global law firm Norton Rose Fulbright has advised International Holding Company (IHC) in connection with its c. AED 1.8 billion 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 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. 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 and multi-jurisdictional team was 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.

Zubair commented: "It was a privilege to advise IHC on this strategic transaction in the clean energy sector. We have witnessed significant interest in clean energy assets and continue to assist our clients with their investments in this dynamic sector."

Turkish law advice was provided by the team led by Selin Bayar and Utku Ünver from Pekin Bayar Mizrahi, the alliance firm of Norton Rose Fulbright in Turkey.

The acquisition comes four months after IHC's AED 7.3 billion investment in Indian conglomerate Adani Group, which the Norton Rose Fulbright Dubai team also advised on.

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