BSTDB invests 50 million euros in modernising Bulgarian Energy Holding

The Black Sea Trade and Development Bank (BSTDB) has invested 50 million euros in a bond issue of Bulgarian Energy Holding (BEH). BEH is a state-owned electricity and gas markets leader in Bulgaria and a major electricity exporter in the Balkans.

In a press release, the BSTDB stated: “The BSTDB funding will help implement BEH’s priority investment projects in Bulgaria, such as the modernisation of the electricity and gas transmission infrastructure, in particular the interconnectors between Bulgaria and its neighbouring countries, which is crucial for energy security and integration in the region.”

The total volume of the BEH bond was 600 million euros issued in three tranches, with BSTDB subscribing to the last tranche of 50 million euros alongside other selected institutional investors.

Since the beginning of its operations in Bulgaria, the BSTDB has approved over 490 million euros in 38 projects in the country. The bank added that, in the past two years, it has considerably increased its activities in Bulgaria, having invested over 140 million euros in five operations.

BEH placed 400 million euros worth of seven-year Eurobonds on  June 21, followed by a further 150 million euros raised through reopening of the issue on 24 July. The first two tranches are listed on the Bulgarian Stock Exchange and the Irish Stock Exchange.