Eeec Bond Tender

Project ID: 56400
Status: Signed
Location: Bulgaria
Business Sector: Energy
Notice Type: Private
Approval Date: 07 May 2025
Disclosure date: 19 May 2025
Project Description
The Bank has invested EUR 50 million in the EUR 500 million senior secured bond issuance by Eastern European Electric Company B.V. ("EEEC"), which priced on 8 May 2025 (the "Project"). The bonds were issued and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange on 15 May 2025.

Project Objectives
In line with Bulgaria's decarbonisation objectives, EEEC will allocate an amount equivalent to the proceeds of the bonds purchased by EBRD to finance the capex program at Electrodistribution Grid West (EDG West) during the five-year lifetime of the bond. The capex program is dedicated to electricity grid modernisation, including smart meter installations, underground electricity line upgrades, and new/retroactive grid connection financing for renewable assets, among other upgrades. These upgrades are expected to contribute to climate change mitigation efforts and result in up to 194GWh of energy savings per annum due to the implementation of new smart meters.

Transition Impact
ETI score:66

Project targets the "Resilient" Transition Impact quality by supporting the first public euro-denominated benchmark-sized corporate bond listing by a Bulgarian private company on international debt capital markets to be featured in an international index.

The Project also targets the "Green" Transition Impact quality by supporting electricity grid modernisation, which is essential to increasing the share of renewable energy in Bulgaria's energy mix.