The Czech company ENERGO - PRO a.s., the largest Central European investor in the hydropower sector, increased its consolidated revenues by 13 percent and EBITDA by 10 percent year-on-year in 2024. Last year, ENERGO - PRO's consolidated revenues reached EUR 1.436 billion (CZK 36 billion), and operating earnings before interest, depreciation, amortization and taxes (EBITDA) reached EUR 355 million (almost CZK 9 billion).
"The year 2024 marked a turning point for us in the development of our business. We achieved both record electricity production and the highest EBITDA in the company's 30-year history," said Jakub Fajfr, ENERGO - PRO's CEO.
Operating over 50 hydropower plants across five countries on three continents, ENERGO - PRO has achieved growth through new acquisitions. The company added ten hydropower plants in Galicia, Spain, to its portfolio in October 2023, followed by the Turkish Alpaslan 2 hydropower plant last January and seven smaller plants in Brazil in November 2024. Thanks to these new additions, last year's electricity production reached a record 3,912 GWh.
"The newly acquired hydropower plants have expanded our production capacity and, at the same time, contributed to the diversification of our portfolio and revenues. We are expanding our portfolio with assets that have stable, long-term contracts," said Jakub Fajfr.
ENERGO - PRO operates hydropower plants in Bulgaria, Georgia, Turkey, Spain, and Brazil. In addition, the company is also active in the electricity distribution and sales segment in Bulgaria and Georgia. Acquisitions of hydropower plants have continued this year, with ENERGO - PRO recently announcing the signing of an agreement to purchase the Baixo Iguaçu hydropower plant in Brazil, which has a total capacity of 350 megawatts. In January 2025, ENERGO - PRO's portfolio also expanded with the acquisition of the Karakurt hydropower plant and dam in Turkey, previously owned by DK Holding Investment, the company's sole shareholder. ENERGO - PRO continues to develop new hydropower projects in Colombia.
In 2024, ENERGO - PRO's capital expenditures reached EUR 186 million, an 82% year-on-year increase. The company invested heavily in several areas, including the development of the distribution network and new connections in Georgia. Another significant investment is the continued construction of the greenfield Chorreritas hydropower plant in Colombia.
Net debt increased to EUR 1.1 billion, primarily due to the consolidation of project loans for the newly acquired power plants. The net debt to EBITDA ratio rose to a multiple of 3.1, as the new Brazilian plants contributed only one month of operations to consolidated results.
Note to editors:
ENERGO - PRO a.s. is a Czech energy company wholly owned by Jaromír Tesař. Since 1994, it has specialized in the construction, operation, and modernization of hydropower plants, becoming the largest Central European investor in the sector.It manages assets with a total value of EUR 2.5 billion. ENERGO-PRO owns and operates 53 hydropower plants in Bulgaria, Brazil, Georgia, Turkey, and Spain. In Colombia, the company is developing new hydropower projects. It also operates distribution networks in Bulgaria and Georgia. In total, the company employs nearly ten thousand people.
