Press Releases

BSTDB Fuels Investment Program of Leading Regional Energy Company


07-Dec-2017

The Black Sea Trade and Development Bank (BSTDB) has participated as an anchor investor with EUR 42 million in the EUR 370 million Eurobond issue by ENERGO-PRO a.s. Amongst other uses, the Eurobonds will refinance the Bulgarian bond issued in 2016 by ENERGO-PRO VARNA EAD, a Bulgarian subsidiary of ENERGO-PRO a.s., in which BSTDB acted as an anchor investor as well.

 

ENERGO-PRO a.s. is a leading electricity generation and distribution company in the Black Sea region operating in the BSTDB member countries of Bulgaria, Georgia and Turkey. EUR 40 million of the BSTDB funds will be allocated to the company’s capital expenditure program in Bulgaria and EUR 2 million to Georgia. The program aims to modernize and increase the efficiency and safety of company’s electricity distribution networks and hydro power plants.

 

“We are happy to continue supporting the development program of ENERGO-PRO group, a major investor and employer in the Black Sea region. As a regional development bank, we assign a high priority to the expansion and modernization of the power generation and distribution network carried out by the company in Bulgaria and Georgia, our member countries. This financing will lead to improved quality of electricity supply, better service, and increased living standards of the people in our region. Furthermore, it will promote regional cooperation, especially trade in capital goods, among member countries. We are also pleased that our partner International Investment Bank is contributing to the promotion of this important regional investment” said Ihsan Ugur Delikanli, BSTDB President.

 

“We very much value our cooperation with BSTDB, which has been supporting us since 2016. We are pleased that they decided to participate in our debut Eurobond issue as an anchor investor, which certainly contributed to the success of the transaction. We consider BSTDB’s participation an expression of trust in our strategy and a confirmation of our strong position in the energy sector. We look forward to working with BSTDB on our other projects in the future” said Pavel Váňa, Executive Director of ENERGO-PRO a.s.

 

 

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ENERGO-PRO a.s. is a leading private electricity distribution and renewable hydropower generation company in the Black Sea region, established in 1995 and registered in the Czech Republic. The company’s principal countries of operation are Bulgaria, Georgia and Turkey. The main activities are power generation from hydropower plants, electricity distribution and power trading. ENERGO-PRO a.s. operates 34 hydropower plants in Bulgaria, Georgia and Turkey and a gas-fired thermal power plant in Georgia. In addition, the Company owns and operates electricity distribution networks in Bulgaria and Georgia, serving over 2 million customers. It is the largest energy company in Georgia and the largest privately owned generator of renewable energy in Bulgaria. The Company employs over 9,000 people and generated EBITDA of EUR 163.6 million (2016). ENERGO-PRO a.s, is rated BB by Fitch and BB- by S&P. More information is available at www.energo-pro.com

 

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.