BSTDB invests in the issuance of Energo-Pro bonds to help improve the reliability of the Bulgarian power grid
SOFIA (Bulgaria), February 4 (SeeNews) – The Black Sea Trade and Development Bank (BSTDB) announced on Friday that it will invest 45 million dollars (39.6 million euros) in a bond issue of 435 million dollars by the Czech electricity distributor Energo-Pro.
The proceeds of the bond will go towards Energo-Pro’s investment program in the modernization and rehabilitation of electricity networks in Bulgaria and Georgia, as well as the strengthening of its environmental and social management system and its extension to more sites in Bulgaria, Turkey and Georgia, the BSTDB said. in a press release.
“We are delighted to support Energo-Pro in promoting renewable energy production and security of energy supply in the Black Sea region,” BSTDB Chairman Dmitry Pankin said in the statement. communicated.
In November 2016, the bank acted as lead investor in a bond issued by Energo-Pro Varna, a unit of Energo-Pro in Bulgaria, in what was then the largest private bond in the country. In December 2017, BSTDB supported Energo-Pro as lead investor in its first Eurobond issue.
Founded in 1994, Energo-Pro operates in Bulgaria, Georgia and Turkey. Through its subsidiaries Power Distribution North and Energo-Pro Sales, Energo-Pro Varna serves some 1.2 million customers in nine provinces in northeastern Bulgaria. It employs nearly 2,300 people.
BSTDB, headquartered in Thessaloniki, Greece, is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The bank supports economic development and regional cooperation by providing loans, lines of credit, equity and guarantees for projects, as well as commercial financing in the public and private sectors of its member countries.
($ = 0.8810 euro)