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Energo-Pro a.s. III Eurobond

Bulgaria, Georgia | Utilities

Identification Code:: OP/25/0014
Total Operation Cost:: 700.000.000 USD
Maturity:: 60 months
Operation Status:: BSTDB Approved Amount – Approval Date

45.000.000 USD – 30 Apr 2025
: BSTDB Signed Amount – Signed Date

40.000.000 EUR – 06 May 2025
: Status:
Active
Description and Purpose of the Operation:: BSTDB participated in a new Green bond issued by Energo-Pro A.S. with EUR 40,000,000. The issue shall go for refinancing, acquisition of a hydro power plant, and capital expenditures in Bulgaria and Georgia. Energo-Pro continues its expansion, further solidifying its position of a leading independent hydroelectric generation and electricity distribution network operator with a focus on the Black Sea Region. In the last 18 months it added two significant hydropower plants, completed on a project finance basis outside the Group and acquired hydropower production companies in other countries. BSTDB will support specifically the capital investments in Bulgaria and Georgia.
Countries of Operation:: Bulgaria (87,50%), Georgia (12,50%)
Financial Product:: Loans
Sector:: Utilities
Domain:: Private
Borrower/Client:: Energo-Pro a.s., the Czech Republic
Co-Financers/Participants:: Institutional investors across Europe and the U.S.
Guarantors/Sponsors:: ENERGO-PRO VARNA EAD, Bulgaria ENERGO-PRO Georgia Holding JSC, Georgia JSC Energo-Pro Georgia, Georgia EP Georgia Generation JSC, Georgia EP Georgia Supply JSC, Georgia Energo Pro Turkey Holding A.Ş., Türkiye, Reşadiye Hamzalı Elektrik Üretim San.ve Tic. A.Ş., Türkiye and Bilsev Enerji Üretim ve Ticaret A.Ş, Türkiye
Developmental and Regional Cooperation Impact:: BSTDB’s share will be utilized to finance the Company’s capital investment program in the distribution network in Bulgaria and Georgia which will reduce the Company’s grid losses and improve the quality of distribution services.
Environmental Classification and Impact:: The ESDD concludes that Energo-Pro's E&S impacts are of medium significance, with limited new impacts from existing hydropower plants. New developments follow international best practices, and E&S issues in electricity distribution are well-managed. Energo-Pro operates under a strong corporate sustainability framework, with full compliance with national regulations and a low risk of non-compliance. Its workforce comprises 9,000+ employees with corporate policies aligned with labor, safety, and human rights international standards. In terms of emissions, 85% arise from traded electricity, with a 31% decrease over five years, mainly due to changes in Bulgaria’s energy mix. The social impacts are mostly positive—providing energy access, jobs, and infrastructure. Temporary construction impacts are effectively mitigated. Energo-Pro actively manages both transitional (e.g., investing in renewables, smart grids) and physical climate risks (e.g., floods, droughts, heatwaves, windstorms), which are well-integrated into infrastructure planning and investment decisions. Overall Energo-Pro demonstrates strong E&S and climate risk management.
Operation Leader:: Energy & Infrastructure, General Industries, Transport, Tourism 2
E-mail:: ei@bstdb.org,gitt2@bstdb.org