ENERGO-PRO Group has successfully completed issue of notes worth EUR 300,000,000

11 August, 2023

ENERGO-PRO a.s., mother company of JSC ENERGO-PRO Georgia Holding, has successfully priced EUR 300 mln unsubordinated and unsecured notes for the fourth time. This emission is guaranteed for the first time by the leading American financial institution, the US Development Finance Corporation (DFC). It is also the first time when DFC has guaranteed such a transaction in Europe. The term of the notes is 12 years and it will be fully covered on July 27, 2035. The annual fixed rate of the notes is 4.3%.


The notes’ expected rating from Moody's is Aa1/stable. Goldman Sachs Bank Europe SE acted as sole international coordinator and sole bookrunner of the transaction.


DFC is a US government development finance organization, its commitments are supported by the full confidence and trust of the US government. The mentioned guarantee is accepted as part of DFC's activities to support energy and energy-related investments in European and Asian countries, in accordance with the European Energy Security and Diversification Act.


Executive Director of ENERGO-PRO Group, Petr Milev, said about the mentioned transaction: "This is a truly fundamentally important and transformative transaction for ENERGO-PRO, which enabled us to achieve strong financing at a highly attractive price during period of the volatility at international capital market. We are honored to be trusted by such a recognized partner as DFC and look forward to working with them to improve our assets and the environmental and social aspects of our business.


ENERGO-PRO Group has completed attracting of long-term financing under favorable terms. "Compared to classic notes, with which the group was financed until now, the guarantee allowed the group to raise funds at a very attractive price, for a longer term, and all this happened during the constant instability at the international capital markets," - said Mikheil Botsvadze, Chairman of the Board of Directors of ENERGO-PRO Georgia Holding.


"The group continues its successful development in different countries. New markets and opportunities are being analyzed and the geography of the group is being expanded.

Despite many problems and unfortunate obstacles, we are proud to maintain the position of one of the largest investors in Georgia. I am sure that we will cope with all the challenges that still exist despite the great determination of the management of ENERGO-PRO Georgia.The final goal is still on the one hand, significant improvement of the quality of service and achievement of the relevant conditions necessary for it, while on the other - smooth, loss-free operation of thermal and hydropower plants," - said Mikheil Botsvadze.