Turkey has raised $5.76bn from auctions of four electricity grids, including the network on the European side of Istanbul.

The auction was won by a venture between Iskaya Insaat and MMEKA Makina Ithalat Pazarlama, according to Bloomberg.

Iskaya-MMEKA bid $1.92bn for the grid in Izmir, which has 2.4 million subscribers, and will operate both networks through to 2036.

Asset sale agency head Ahmet Aksu conducted the auctions in Ankara.

Turkey is selling 20 regional electricity distribution networks to boost investment in the industry and help reduce debt.