Written by: Karim Hammam
Zorlu Enerji announced the completion of the sale of its entire stake in "Electrip Global Limited," a company specializing in operating electric vehicle charging networks, in a deal valued at approximately $147.6 million USD.
Details of the Exit Deal
The sale process included the transfer of Zorlu Enerji's entire 41.28% stake in Group A shares, which carry voting rights, to "Wren House Infrastructure LP" and the "Kuwait Investment Authority" (KIA). The company explained that a portion of the proceeds, approximately $82.6 million, was allocated to repay outstanding debts to the Kuwait Investment Authority under a previous credit agreement.
New Investments in Electricity Distribution
According to the statement, the company received a cash amount of $65 million from "Wren House" as part of the sale. Zorlu Enerji intends to use this amount, after covering tax liabilities resulting from the deal, to fund capital expenditures and mandatory investments in the electricity distribution sector during 2026 and 2027.
Supporting the OEDAŞ Network
The company plans to transfer the remaining amounts from the sale proceeds to its wholly-owned subsidiary, "Zorlu Osmangazi Enerji" (OEDAŞ). OEDAŞ is responsible for providing electricity distribution services in five Turkish provinces: Afyonkarahisar, Bilecik, Eskişehir, Kütahya, and Uşak, where this step aims to strengthen electrical infrastructure and meet operational requirements within the company's scope of work in those regions.
