Sustainable infrastructure investor Actis has announced that the International Finance Corporation (IFC) and Proparco have agreed to acquire minority equity stakes in Uluğ Enerji, a leading private electricity distribution and retail company in Türkiye. Actis will retain its majority ownership in the business following the transaction.
The investment represents the first equity participation by development finance institutions in a Turkish electricity distribution company and is expected to support Uluğ Enerji’s next phase of growth. The capital will help fund the company’s regulated 2026–2030 investment programme, focusing on electricity network expansion, grid modernisation, digitalisation and climate resilience initiatives.
Uluğ Enerji serves more than three million electricity customers across the Turkish provinces of Bursa, Balıkesir, Çanakkale and Yalova, where it holds the exclusive electricity distribution concession until 2036.
According to Actis, the company’s regulated asset base has more than doubled since its acquisition, supported by balance sheet deleveraging and increased annual capital investment capacity.
“The entry of IFC and Proparco into Uluğ Enerji reflects what we set out to achieve with this investment: acquire a high-quality regulated business, institutionalise it and grow it to the point where the company attracts new global investors,” said Adrian Mucalov, Head of Long Life Infrastructure at Actis.
He added that the participation of two leading development finance institutions validates the strength of Uluğ Enerji’s platform, its operational partnership with Actis and the long-term investment potential of Türkiye’s electricity infrastructure sector.
Sumeet Thakur, Regional Industry Director for Infrastructure and Natural Resources at IFC for the Middle East and Central Asia, said the investment demonstrates the importance of private sector-led delivery models in strengthening electricity distribution infrastructure while mobilising long-term private capital.
Steven Gardon, Regional Head for Proparco, said the investment marks the institution’s first equity participation in Türkiye’s electricity distribution sector and aligns with its strategy of supporting resilient and sustainable infrastructure. He noted that the investment will contribute to modernising the electricity network, improving climate resilience and enhancing service quality for millions of customers.
Actis’ Long Life Infrastructure strategy focuses on operational infrastructure assets across growth markets, investing in sectors including renewable energy, electricity transmission and distribution, digital infrastructure, district cooling, toll roads and environmental management. In May 2025, the firm closed its second Long Life Infrastructure Fund with commitments totalling US$1.7 billion.
The transaction remains subject to customary regulatory approvals, including clearance from Türkiye’s Energy Market Regulatory Authority (EMRA), and is expected to be completed in the coming months.
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