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The International Finance Corporation (IFC), the World Bank Group's private-sector arm, and Proparco, a subsidiary of the French development agency, have become minority shareholders in Uludag Enerji, a leading electricity distribution and retail company in northwestern Türkiye, majority-owned by infrastructure investor Actis, according to an IFC announcement.
According to IFC, the investment will support Uludag Enerji's broader program to upgrade and expand the electricity network serving the Uludag region, one of Türkiye's leading industrial centers, and to build resilience against risks such as heatwaves and wildfires.
By strengthening reliable power supply for industries across Bursa, Balikesir, Canakkale and Yalova, IFC said the investment is intended to help improve productivity and competitiveness in a region home to major manufacturing, agribusiness, logistics and export-oriented industries.
Uludag Enerji serves approximately 6% of Türkiye's electricity customers, according to IFC.
The investment aligns with the World Bank Group's broader support for Türkiye's energy transition and is intended to support grid modernization and digitalization, helping the network accommodate growing volumes of solar and wind power.
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Adrian Mucalov, head of Long Life Infrastructure at Actis, said: "The entry of IFC and Proparco into Uludag Enerji reflects what we set out to achieve with this investment. We acquired a high-quality regulated business, institutionalized it, and grew it to the point where the company can attract 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 Uludag Enerji team, and the opportunity we see in Türkiye's electricity infrastructure," he added.
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 mobilizing private capital, supporting more and better jobs and signaling to the market the importance of private sector-led delivery models in the power sector."
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