BSTDB Fuels Investment Program of Leading Regional Energy Company
Press Release | 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 Türkiye. 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 Türkiye. 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 Türkiye 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, Türkiye, 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.