BSTDB Supports Electricity Production in Bulgaria

Press Release | 20-Dec-2005

BSTDB will participate in the financing of a 600 MW net lignite-fired power plant to be constructed in Bulgaria by Alstom and operated by a special purpose company AES-3C Maritza East I EOOD, an ultimate subsidiary of AES, one of the world’s largest power producers. The amount of the BSTDB financing is Euro 18 million provided for a period of 16.5 years.

EBRD, Calyon (Credit Agricole Group), ING and BNP Paribas also participate in the syndicated loan to the company in the amount of EURO 430.5 million, guaranteed by HERMES (Germany) and COFACE (France).

The total cost of the project is about EUR 1.1 billion, which represents the largest new power generation investment in the country. The new plant built to full EU standards will use latest pollution-control technology, and will replace older, less efficient generation and lower the cost of a significant source of domestic electricity, thus benefiting consumers. The project is a high priority for Bulgaria, utilizing the country’s limited domestic fuel source, and supporting the on-going electricity sector privatisation and restructuring process.

So far, BSTDB has financed 12 operations in Bulgaria to the total amount of USD 117 million, supporting energy and manufacturing sectors, as well as SME and foreign trade development.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB has an active portfolio of 80 operations to the total amount of USD 765million. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.