BSTDB Supports ENERGO-PRO’s Eurobond to Strengthen Energy Markets in the Black Sea Region
Press Release | 04-Feb-2022
Operation helps enhance reliability of power grids in Bulgaria and Georgia
The Black Sea Trade and Development Bank (BSTDB) is investing USD 45 million as an anchor investor in a bond issuance by ENERGO-PRO a.s., a leading independent hydropower plant operator and power distributor in the Black Sea Region. The total size of the bond issuance is USD 435 million.
BSTDB is backing up ENERGO-PRO ‘s investment programme which envisages capital expenditures in particular in rehabilitation and modernization of the electricity network in Bulgaria and Georgia for households and corporate clients, as well as connecting more clients to electricity network.
In addition, BSTDB will contribute to improving ENERGO-PRO’s environmental and social performance by strengthening its environmental and social management system and expanding it to more sites in Bulgaria, Türkiye and Georgia; by developing comprehensive Stockholder Engagement Plans, and by increasing adaptability of its power generation to the impacts of the changing climate.
“We are pleased to support ENERGO-PRO in promoting renewable energy production and security of energy supply across the Black Sea region. As a regional development bank, we prioritize promoting cooperation among our member countries and clean energy solutions in the Region”, said Dmitry Pankin, BSTDB President.
“We very much value our cooperation with BSTDB, and we are very pleased that they decided to participate in our first US dollar Eurobond issue as an anchor investor, which certainly contributed to the success of the transaction. We consider BSTDB’s participation as an expression of trust in our strategy and a confirmation of our strong position in the energy sector and we look forward to working with BSTDB on our other projects in the future”, said Petr Milev, Chief Executive Officer and member of the Board of Directors of ENERGO-PRO a.s.
In November 2016, BSTDB acted as an anchor investor in the bond issued by ENERGO-Pro Varna AD, an operating subsidiary of ENERGO-PRO, in what was the then largest private bond in Bulgaria. In December 2017, BSTDB supported the company again as an anchor investor in ENERGO-PRO’s debut Eurobond issue.
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ENERGO-PRO a.s. is a private joint-stock company established in 1994. It is a leading electricity distribution and hydropower generation company in the Black Sea region headquartered in the Czech Republic, with operations in Bulgaria, Georgia and Türkiye. The main activities of ENERGO-PRO Group are the generation of electricity from hydropower plants and the distribution and supply of electricity.
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, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
Contact:
Haroula Christodoulou
E-mail: cchristodoulou@bstdb.org
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax
