Global law firm White & Case LLP has advised ENERGO-PRO a.s. on its issuance of €700 million 8.00% guaranteed notes due 2030, offered under Rule 144A and Regulation S, followed by a €50 million tap issuance. This marks Energo-Pro’s inaugural green bond issuance on the international market.
The initial offering was upsized from €500 million due to strong investor demand. Proceeds will fund the acquisition of the Baixo Iguaçu 350 MW hydropower plant in Brazil, repay existing US$435 million notes due in 2027, and support general corporate purposes including capital expenditures. The tap issuance proceeds will be used for priority debt repayment.
The notes are traded on Euronext Dublin’s regulated market. Citigroup Global Markets Europe, Goldman Sachs Bank Europe, and J.P. Morgan were joint bookrunners and lead managers for the initial issuance, while Goldman Sachs Bank Europe managed the subsequent tap issuance.
“This issuance brought together a number of features that we have been developing over recent years: financing a new strategic asset, refinancing a prior issuance, deepening cooperation with anchor investors and the use of our new Green Financing Framework,” said Christian Blatchford, General Counsel and Chairman of the Supervisory Board at ENERGO-PRO.
White & Case Partner Petr Hudec commented: “The transaction marks a greatly successful issuance by Energo-Pro, completed within a very tight timeline amid volatile markets.”
Energo-Pro is an electricity generator and distributor operating over 50 hydropower plants across several countries including Bulgaria, Georgia, Türkiye, Spain, and Brazil. It also manages electricity distribution networks in Bulgaria and Georgia.
The advisory team from White & Case was led by partners Petr Hudec (Prague) and Melissa Butler (London), with local partner Jan Vacula and counsel Petr Šmerkl assisting alongside associates Anna Bezděková, Josef Levy, Renata Ryglová, and Herbert Wittlich (all Prague). London-based partners James Green and Stuart Matty also contributed to the effort.