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EBRD invests €50 million in first bond issuance by Bulgaria’s EEEC
Author: Vanora Bennett
- EBRD invests €50 million in €500 million bond issuance by Bulgaria’s EEEC
- Eastern European Electric Company to invest in greening electric grid in next five years
- Bonds admitted to trading in Euro MTF Market of Luxembourg Stock Exchange
The European Bank for Reconstruction and Development (EBRD) is supporting Bulgaria’s green transition by investing €50 million in the €500 million senior secured bond issuance by the country’s Eastern European Electric Company B.V. (EEEC). The issuance represents the first publicly listed, euro-denominated, benchmark-sized bond by a Bulgarian private company in international debt capital markets.
EEEC is the energy subholding of Eurohold Bulgaria AD, a leading independent business group in Central and Southeastern Europe with key positions in insurance and energy sectors.
The issuance priced on 8 May 2025, and the bonds were issued and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange on 15 May, marking a significant milestone for both the EEEC and the Bulgarian energy sector. The success of the issue will encourage other private companies in Bulgaria and across Central and Eastern Europe to access international capital markets.
EEEC will allocate an amount equivalent to the proceeds of the bonds purchased by the EBRD to finance modernisation of the electricity grid at Electrodistribution Grid West (EDG West) during the five-year lifetime of the bond.
The modernisation programme includes smart meter installations, underground electricity line upgrades, and new or retroactive grid connection financing for renewable assets, which are expected to contribute to climate change mitigation efforts and result in up to 194GWh of energy savings annually.
This is an important element in advancing towards Bulgaria's ambitious net-zero greenhouse gas emissions target by 2050. Bulgaria remains the EU’s most energy-intensive economy.
"This landmark transaction is not only a notable step forward for Bulgaria’s green transition but also enhances the country’s visibility in international debt capital markets," said Manuela Naessl, EBRD Head of Bulgaria." Our €50 million investment supports the modernisation of critical energy infrastructure while setting a strong precedent for other private sector issuers in the region.”
To date, the EBRD has invested nearly €4.8 billion in 307 projects in Bulgaria.