Zorlu Enerji to Sell Electrip Stake for $147.6 Million

Turkish energy company Zorlu Enerji has reached an agreement to sell its 41.28% ownership interest in Electrip Global Limited, an electric vehicle (EV) charging infrastructure operator, for approximately $147.6 million.

The transaction involves Wren House Infrastructure LP and the Kuwait Investment Authority (KIA), Kuwait's sovereign wealth fund. The agreement was signed on 19 October 2026, with the transaction expected to close on 22 October.

Electrip's Growing European Charging Network

Electrip was established in 2023 through a partnership between Zorlu Enerji and Wren House, with the aim of developing and operating EV charging infrastructure across European markets.

Since its establishment, the company has expanded its network to more than 1,300 charging stations across Italy, Poland, Greece, Bulgaria, France and Croatia.

In Türkiye, the business also operates through the ZES brand, which has developed a network of more than 5,000 charging points.

The ownership change places Zorlu Enerji's remaining interest in the business with investors already involved in Electrip, marking a new phase in the company's ownership structure.

Zorlu Enerji Refocuses Its Financial Priorities

The divestment follows earlier decisions by Zorlu Enerji to limit its additional financial commitments to Electrip.

In May 2026, the company opted not to participate in a proposed €7.4 million capital increase. A subsequent decision in September allocated €2.5 million to the venture, reflecting a more selective approach to further investment.

Proceeds from the sale are intended to support Zorlu Enerji's existing and future capital expenditure requirements while also reducing outstanding financial obligations.

The transaction comes amid financial challenges for the Turkish energy group. At the end of the first half of 2026, the company reported borrowings of approximately $12.4 billion and net debt of around $11.9 billion.

Revenue declined from $3.52 billion to $2.65 billion compared with the corresponding period a year earlier. However, the company's net loss decreased from $2.24 billion to $1.22 billion. Moody's also downgraded Zorlu Enerji's credit rating in September.

Infrastructure Investment in EV Charging

The transaction illustrates how ownership structures in the EV charging sector are evolving as networks expand and require continued capital investment.

For Zorlu Enerji, the sale provides an opportunity to strengthen its financial position and redirect resources toward other priorities. For the acquiring investors, it represents an increased commitment to an established charging business with operations across several European countries.

With Electrip already operating thousands of charging locations and points across its markets, the change in ownership comes at a time when investment in charging infrastructure remains important to supporting the wider adoption of electric vehicles.

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