ADX-listed Multiply Group acquired an 80% stake in UAE-based International Energy Holding Company, a subsidiary of International Holding Company (IHC), it announced in a statement yesterday. Multiply is a conglomerate with businesses in sectors ranging from media to mobility; it’s now looking to grow its investment in clean energy globally. “The industry offers strong growth potential as the world transitions towards clean and renewable energy,” said Multiply CEO Samia Bouazza. The other 20% of IEH has been acquired by IHC subsidiary Alpha Dhabi Holding.

What’s IHC? IHC has holdings in nine industries, from finance to real estate, food and beverages, agriculture, industry, utilities, and healthcare — and it’s now diving deeper into renewables. Back in August, IHC purchased 50% of Turkey’s Kalyon Enerji for approximately USD 517 mn through its subsidiary International Energy Holding. The Turkish company has several solar and wind projects — ongoing and in the pipeline — serving over 2 mn people.

GO DEEPER- The high-profile Abu Dhabi company is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security advisor and a leading figure in the business community. Sheikh Tahnoon, the brother of UAE President Sheikh Mohamed bin Zayed, chairs high-profile corporations including Abu Dhabi sovereign wealth fund ADQ, lender FAB and Royal Group, among others.

What they said: Multiply Group’s acquisition “reflects [a] strategy to build up utilities vertical which has contributed to [the group’s] financial performance,” Bouazza added. Multiply Group will use IEH “to continue expanding its utilities and energy investments globally,” the company said in the statement.

Multiply has a green M&A track record: In 2021, the company acquired a 100% of Pal Cooling Holding, a UAE-based district cooling solutions provider. In March of 2022, the conglomerate invested in the Dubai Electricity and Water Authority’s (DEWA) IPO nearly USD 100 mn. 6 months later, the conglomerate acquired a 7.3% stake in the Abu Dhabi National Energy Company PJSC (TAQA) for USD 2.7 bn.

Abu Dhabi is pushing hard into renewables around the world — and others in the region are following suit: State-owned Abu Dhabi giant Masdar is planning on growing its renewables portfolio through a string of global acquisitions, the company announced last Monday. The Qatar Investment Authority (QIA) is also getting with the programme. The fund recently announced spending EUR 2.4 bn on major German utilities provider RWE in a debt-to-equity swap that will eventually see QIA own 9.09% of RWE.