Infrastructure manager Actis has sold a minority stake in Turkish electricity distributor Uludağ Enerji to the International Finance Corporation (IFC) and Société De Promotion et de Participation Pour la Coopération Economique (Proparco) for an undisclosed sum.
Actis will remain the majority owner through its first long-life infrastructure fund, backing the business that holds an exclusive electricity distribution concession until 2036 across four Turkish provinces, serving more than 3m customers.
Adrian Mucalov, head of long-life infrastructure at Actis, said: “The entry of IFC and Proparco into Uludağ 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.
“The commitment of leading development finance institutions is a strong endorsement of the quality of the platform, the strength of our operational partnership with the Uludağ Enerji team and the opportunity we see in Türkiye’s electricity infrastructure.”
Sumeet Thakur, IFC’s regional industry director for infrastructure and natural resources in the Middle East and Central Asia, said: “Power distribution is the backbone of any electricity supply system.
“Through this transaction, IFC is mobilising private capital, supporting more and better jobs and signaling to the market the importance of private sector-led delivery models in the power sector.”
Steven Gardon, regional head for Proparco, said: “The transaction marks Proparco’s first equity investment in Türkiye’s electricity distribution sector and supports the long-term development of critical energy infrastructure. This investment reflects Proparco’s commitment to supporting resilient and sustainable infrastructure that underpins economic development and the energy transition.
“Together with Actis and IFC, we are supporting Uludağ Enerji’s investment programme to modernise the network, strengthen its resilience to climate risks and improve the quality of service for millions of customers.”
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