Ulug Actis (IFC-52171)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 10, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Ulug Enerji Dagitim Ve Perakende Satis Hizmetleri AS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 172.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Grant Amount (USD)
$ 72.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 370.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 5, 2026

Disclosed by Bank Jul 29, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed transaction involves IFC acquiring a minority equity stake in Ulug Enerji Dagitim Ve Perakende Satis Hizmetleri Anonim Sirketi (Ulug or the Company), a leading private electricity distribution and retail group in Turkiye. In addition to the proposed equity investment, IFC also intends to provide an A-Loan and mobilize long-term debt to support the Company's network expansion, grid modernization, and digitalization program, as well as climate resilience initiatives. The investment will further support the Company's regulated capital expenditure program for the 2026 - 2030 period.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the IFC, the proposed transaction involves an IFC investment of up to US$172.5 million for IFC's own account, comprising: (i) the acquisition of existing ordinary shares in the Company and shareholder loans from the existing shareholders of the Company; and (ii) a senior loan denominated in local currency, alongside parallel debt and equity mobilization of up to US$370 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, the Company is wholly owned by Uludag Power Networks UK Limited, which is in turn ultimately owned by the Actis Long Life Infrastructure Fund (ALLIF).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Actis LLP Parent Company Finance owns Uludag Power Networks UK Limited Parent Company Energy
Uludag Power Networks UK Limited Parent Company Energy owns Uludag Elektrik Dagitim AS Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Ulug Enerji Dagitim ve Perakende Satis Hizmetleri AS:

Duygu Tokgoz - CFO
Phone: +90 224 295 90 60
Email: dtokgoz@uludagenerji.com.tr
Address: Ulug Enerji Dagitim Ve Perakende Satis Hizmetleri Anonim Sirketi, Ahmet Yesevi Neighborhood, Hasat Street, Building No: 10, Unit No: 37, Nilufer, Bursa, Turkiye

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works