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Turkish energy company Zorlu Enerji has agreed to sell its entire 41.28% stake in electric vehicle charging venture Electrip Global Limited for $147.6 million, as it seeks to fund planned investments and meet financial obligations amid mounting debt pressure.
The company signed a share purchase agreement on Monday with Wren House Infrastructure LP and Kuwait’s sovereign wealth fund, the Kuwait Investment Authority (KIA), to transfer its entire stake, ending its investment in the venture.
Established in 2023 as a joint venture between Turkish energy company Zorlu Enerji and global infrastructure investor Wren House Infrastructure, Electrip Global focuses on expanding electric vehicle charging services across Europe.
The company operates in Italy, Poland, Greece, Bulgaria, France and Croatia, with more than 1,300 charging stations across the continent. In Türkiye, its charging network operates under the ZES brand, with more than 5,000 charging points across nearly 2,000 locations, according to Zorlu Enerji.
Electrip installs and manages charging infrastructure at shopping centers, along highways, in public parking areas and at commercial properties. It also provides digital tools for locating charging stations and tracking charging sessions, as well as customer support services.
Zorlu Enerji plans to use the sale proceeds to fund ongoing and planned capital expenditures and meet existing financial obligations.
The company had ₺60.8 billion ($1.2 billion) in borrowings as of the end of the first half of 2026, including bank loans, bonds and lease liabilities. After deducting ₺2.4 billion in cash and cash equivalents, net debt stood at approximately ₺58.4 billion, while total liabilities reached ₺79.1 billion.
Revenue fell to ₺13 billion in the first half of 2026 from ₺17.3 billion a year earlier, while the net loss narrowed to ₺6 billion from ₺11 billion.
Despite the financial pressure, the company continues to develop geothermal projects in the Alasehir district of Manisa province. Its Alkan project has a planned capacity of 18.6 megawatts, while Alkan 2 is designed for 10 megawatts. Zorlu Enerji invested ₺932.7 million in the first half of 2026, down from ₺2.15 billion in the same period of 2025.
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