Home > Media Centre > Press release > Article >
Actis welcomes new investors IFC and Proparco to support Uluğ Enerji’s long-term growth in Türkiye
23 July 2026 4 Min Read
Actis, a leading growth market investor in sustainable infrastructure, today announced it was welcoming the International Finance Corporation (IFC) and Société De Promotion et de Participation Pour la Coopération Economique (Proparco) as minority investors in Uluğ Enerji, a leading private electricity distribution and retail group in Türkiye backed by the firm’s first Long Life Infrastructure Fund.
IFC, a member of the World Bank Group, is the world’s largest global development institution focused on the private sector in emerging markets, while Proparco is a subsidiary of the Agence Française de Développement, specialised in private sector growth market investments. Both institutions are entering the business as minority equity investors to support the next phase of Uluğ Enerji’s growth, with Actis retaining a majority stake in the business.
The transaction marks the first equity investment by a development finance institution in a Turkish electricity distribution company, helping mobilise long-term capital to support the company’s continued network expansion, grid modernisation, digitalisation and climate resilience efforts as part of its 2026-2030 regulated capital expenditure programme.
Under Actis ownership, Uluğ’s regulated asset base has more than doubled, following meaningful deleveraging on entry and a disciplined approach to expanding the company’s annual capital investment capacity. Uluğ serves more than three million customers across the provinces of Bursa, Balıkesir, Çanakkale and Yalova, where it holds the exclusive electricity distribution concession until 2036.
Adrian Mucalov, Head of Long Life Infrastructure at Actis, commented: "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. 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 Uluğ 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 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.”
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 Uluğ Enerji’s investment programme to modernise the network, strengthen its resilience to climate risks and improve the quality of service for millions of customers.”
Actis’ long life infrastructure strategy invests in critical growth markets operating infrastructure, including in core sectors such as renewable energy, electricity transmission and distribution networks, district cooling, toll roads, digital infrastructure and environmental management. The strategy’s assets feature underlying long term contracted revenues, combined with downside protections such as inflation-indexed revenues, currency protections, interest rate protections, availability-based contracts, and other guarantees. In May 2025, Actis announced it had raised US$1.7 billion for its second long life infrastructure fund.
Completion of the transaction with IFC and Proparco remains subject to customary regulatory approvals, including clearance from Türkiye’s Energy Market Regulatory Authority (EMRA), and is expected in the coming months.
Disclaimer
The statements contained herein, including general discussions regarding the Turkish energy landscape and statements made by Adrian Mucalov, are as of 16 July 2026 and represent the views of Actis. Such information is not research and should not be treated as research. There is no assurance that historical trends will continue. References to transaction updates are illustrative only, based on current expectations, and are not guarantees or reliable indicators of future results. Actual outcomes may differ materially. There can be no assurance that transactions with similar characteristics will be available to Actis in the future, or that any investment described herein or similar investment will be profitable or avoid losses. Past performance is not a guarantee, projection or prediction and is not indicative of future results. Nothing herein constitutes a guarantee, projection or prediction.