ENERGO-PRO issues its first and largest green Eurobond

The transaction represents the largest single series of EUR-denominated notes ever issued by ENERGO-PRO and one of the largest issuances of green notes by a Czech corporate issuer. The offering was significantly oversubscribed while the total volume of orders from investors amounted to over EUR1.8 billion. The strong investor interest allowed ENERGO-PRO to raise new funds to be used to pay the purchase price for the acquisition of 100% of the Baixo Iguaçu hydropower plant in Brazil and to repay its USD435m 8.50% guaranteed notes originally due in 2027 ("2027 Notes"). The terms of the newly issued notes provide for an allocation of an equivalent amount of the net proceeds to finance or refinance eligible green projects in line with the green financing framework of ENERGO-PRO.

Our capital markets team covering U.S., U.K., Czech, Spanish, and Turkish law aspects, was led by U.S. law partner Sachin Dave, English law partner Jamie Durham, and Czech law partner Petr Vybíral, who worked closely with senior associates Tomáš Kirner and Aditya Vikram, associates Denisa Jonášová, Melis Yılmaz Diler, Nur Ertekin, and Ezomime Onimiya, and junior lawyer Jan Vlček. Counsel Mario Garcia was responsible for Spanish law aspects, while the tax law advice was provided by senior tax advisor Michal Dušek. The trustee team advising on both the issuance of the new notes and the repayment of the 2027 Notes was represented by partner Luke Lewis, senior associate Louisa Ingham, and specialist Ciaran Doherty.

Partner Petr Vybiral commented: “We are grateful for the opportunity to participate in this immensely successful issuance by ENERGO-PRO. I am proud of our entire team and extremely glad that we were able to contribute to the group’s further development. This cross-border deal involved over eight jurisdictions and multiple legal frameworks. The global footprint of our firm once again demonstrated our ability to structure and coordinate complex processes and overcome challenges without impacting timelines—showcasing our strength among elite global law firms.”