The bonds were placed among institutional investors from Bulgaria, Austria, Central Europe, and south-eastern Europe. “The debut issue of our own bonds was an important step for us. It is historically the largest corporate stock emission placed on the Bulgarian market,” explained Pavel Váňa, executive director of ENERGO-PRO Group. Váňa is positive that the interest of domestic and foreign investors in the issued bonds confirms their trust in the distribution company as well as the growing stability of the regulatory environment in Bulgaria. “The introduction of our bonds on the stock exchange in Sofia today will support the development of the capital market, and the investors will surely appreciate the increased liquidity,” added Pavel Váňa.
ENERGO-PRO Varna is a daughter company of multinational ENERO-PRO Group based in Prague, a leading operator of hydro power stations and producer of technologies for hydroelectric facilities. The funds received upon the issue of the bonds will be used to finance a capital investment programme in distribution networks between the years 2017 and 2023. This investment programme covers the acquisition of existing power infrastructure, its reconstruction, and new investments into the development. Part of the funds can be invested jointly– depending on the overall result of the emission – into energy assets in Bulgaria, Georgia, Turkey, and Romania.
ENERGO-PRO Varna distributes power in north-eastern Bulgaria where it is the sole holder of an appropriate licence, and supplies electricity to over 1.2 million customers including households and businesses.
