Both Turkey and UAE made deals worth millions of dollars in November, trying to improve regional relations and build economic ties.
Turkey’s Kalyon Holding is in talks with Abu Dhabi’s International Holding Company (IHC.AD) on setting up a strategic partnership for energy assets.
The final deal is not yet certain, according to Reuters sources, but sources have named IHC in the partnership talks with Kalyon, with two other sources saying that the talks were in advanced stages.
As most of the energy in turkey is imported, the country has been boosting its renewable energy production via large-scale solar and wind power stain tenders.
In November 2021, both UAE and Turkey signed investment deals worth billions. after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.
Both have been attempting to mend strained ties and boost economic cooperation, and a deal was struck between Abu Dhabi Development Holding (ADQ) and Kalyon on energy and infrastructure during the crown prince’s visit to Ankara.
According to an IHC spokesperson, the company is attempting to expand its international investment portfolio across various sectors and markets. “We are currently studying the opportunities in various areas of the Turkish market, including healthcare, industrial, and food,” he told Reuters. “We will update the market in case of any formal negotiation for potential investment.”
Kalyon, which has large solar and wind concessions in Turkey, has a solar panel manufacturing plant in Ankara with a yearly capacity of 500 MW and is building a 1,350 MW solar power plant in Konya province. It secured a 12-year financing deal worth $812 million for the Karapinar solar power plant in Konya last November.
