Energo-Pro

What Energo-Pro does

Energo-Pro a.s. is a Czech-headquartered, privately-held international energy group founded in 1994 by Jaromír Tesař and wholly owned through DK Holding Investments s.r.o. The company operates 54 hydropower plants across five countries (Bulgaria, Georgia, Türkiye, Spain, Brazil) with total installed capacity of 1,850 MW following the October 2025 Baixo Iguaçu acquisition, producing over 5 TWh of renewable electricity annually. In addition to generation, Energo-Pro operates two regulated electricity distribution networks in Bulgaria (Electrodistribution North AD, over 1.2 million customers) and Georgia (over 1.3 million customers, network covering approximately 85% of Georgian territory, 52,955 km), and engages in electricity trading and supply delivering over 10 TWh per year. The group employs approximately 9,700 people across seven countries and manages assets exceeding EUR 2.5 billion.

The company operates a vertically integrated business model spanning hydropower generation, electricity distribution, and electricity supply. Revenue is generated through (i) regulated distribution tariffs from operating exclusive distribution concessions, (ii) contracted hydropower sales under feed-in tariffs such as Türkiye's YEKDEM (USD 73-86/MWh) and long-term PPAs including Brazilian agreements with average 24-year license durations, (iii) free-market electricity supply to households, small businesses, and large industrial consumers, and (iv) a secondary ferroalloy production business in Spain serving European steelmakers under long-term offtake contracts. Pricing structures mix regulated tariffs (subscription-style recurring revenue) with USD-denominated PPAs that provide natural FX hedging against the company's EUR-denominated debt.

Strategic expansion has been executed primarily through acquisitions financed by recurring Eurobond issuances on international capital markets. Since 2017 Energo-Pro has placed EUR 1.67 billion in Eurobonds (2017: EUR 370M; 2018: EUR 250M; 2022: USD 435M; 2025: EUR 750M green bonds plus EUR 300M senior notes), supplemented by acquisition bridge loans from J.P. Morgan and Goldman Sachs. Recent flagship transactions include Alpaslan 2 in Türkiye (280 MW, EUR 476M, January 2024), Baixo Iguaçu in Brazil (350 MW, EUR 260M, October 2025), and the XEAL/Feroe acquisition in Spain (167 MW, EUR 300M, October 2023). The group is led by CEO Jakub Fajfr (appointed November 2024) with Vlastimil Ourada as Group CFO since 2013.

Name

Energo-Pro

Legal name

ENERGO-PRO a.s.

Website

https://energo-pro.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Energo-Pro is a Czech private energy group operating 54 hydropower plants across 5 countries with 1,850 MW capacity, plus regulated electricity distribution networks in Bulgaria and Georgia serving 2.6 million customers, generating EUR 1.49 billion in 2025 revenue.

Ownership category

akta.pro rank

Product category

Hydropower Generation and Electricity Distribution

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Fossil Fuel Electric Power Generation (221112)

SIC

Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Motors & Generators (3621), Engines & Turbines (3510), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Reservoir/Impoundment Hydroelectric Generation (EUACAEAB)

akta.pro secondary industries

Hydropower Plant EPC (Dam, Run-of-River, Pumped Hydro Civil Works) (EUAEAAAD), Hydropower EPC & Construction (Civil Works, Electromechanical) (EUACAEAF), Hydropower Turbines, Generators & Balance-of-Plant Equipment Manufacturing (EUAMAHAF), Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF)

Keywords

• Hydropower generation
• Electricity distribution
• Renewable energy
• Electricity supply
• Power plant operations

Headquarters

HQ city

Prague

HQ country

Czechia

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Hydropower Electricity Generation: Generate electricity from 54 hydropower plants across 5 countries. Revenue from selling generated electricity at market prices and through feed-in tariffs (e.g., YEKDEM in Türkiye at USD 73-86/MWh). Production exceeds 5 TWh annually of green energy.
2. Electricity Distribution: Operate distribution networks in Bulgaria and Georgia serving 2.6 million customers. Revenue from regulated distribution tariffs for transmitting electricity over the network.
3. Electricity Supply: Supply electricity to end customers including households, small businesses, and large industrial consumers. Supply over 10 TWh of electricity annually. Includes both regulated market and free market supply.
4. Ferroalloy Production (Spain): Xeal operates two ferroalloy plants under long-term offtake contracts, serving main steelmakers in Spain and Europe.
5. Green Bond Financing: Issue green bonds to finance renewable energy projects. Successfully issued EUR 750 million green Eurobond in 2025, plus EUR 300 million senior guaranteed notes due 2031.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels9 records

Core offering

Energo-Pro is a vertically integrated hydropower group that operates 54 hydropower plants across five countries with total installed capacity of 1,737 MW, producing over 5 TWh of green energy annually. It also operates electricity distribution networks in Bulgaria and Georgia serving more than 2.6 million grid customers, and supplies over 10 TWh of electricity per year to end customers including households, small businesses, and large industrial consumers. The group additionally operates a gas-fired power plant in Georgia and ferroalloy plants in Spain.

Product overview

Energo-Pro is a Czech multinational energy company specializing in hydropower generation, electricity distribution, and supply. The company operates a portfolio of 54 hydropower plants across Bulgaria, Georgia, Türkiye, Spain, and Brazil with a total installed capacity of 1,737 MW. In addition to hydropower generation, the company operates two distribution networks in Bulgaria and Georgia serving 2.6 million customers, and engages in electricity trading and supply. The company has recently expanded into hybrid renewable energy with the Alpaslan 2 Hybrid Power Plant combining hydropower and solar generation. Major assets include the Baixo Iguaçu HPP (350 MW) in Brazil, the Alpaslan 2 HPP (280 MW) in Türkiye, and the Chorreritas HPP (20 MW) under construction in Colombia.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydropower Generation Generation of electricity from hydropower assets. The company operates 54 hydropower plants across Bulgaria, Georgia, Türkiye, Spain, and Brazil with total installed capacity of 1,737 MW, producing over 5 TWh of green energy annually. Revenue is earned through feed-in tariffs (YEKDEM), market sales, and long-term PPAs.
• Electricity Distribution Operation of regulated electricity distribution networks in north-eastern Bulgaria (via Electrodistribution North AD, serving over 1.2 million customers) and Georgia (covering 85% of the country's territory and serving over 1.3 million customers through a 52,955 km network). Revenue is earned from regulated distribution tariffs.
• Electricity Supply Retail and wholesale supply of electricity to end customers. ENERGO-PRO Sales AD supplies over 1.1 million households and small businesses in Bulgaria under regulated tariffs, while ENERGO-PRO Energy Services EAD supplies large industrial consumers under free market conditions. EP Georgia Supply JSC handles supply in Georgia. Includes cross-border electricity trading.
• Alpaslan 2 Hybrid Power Plant Hybrid renewable energy facility in Türkiye combining 280 MW of hydropower (Francis turbines including the largest in Türkiye at 3,800mm diameter via monoblock casting) with 40 MW of solar generation on the Murat River. Operates under YEKDEM tariff of USD 73-86/MWh for 10 years.
• Baixo Iguaçu Hydropower Plant 350 MW run-of-river hydropower plant located on the Iguaçu River in Paraná, Brazil, equipped with 3 Kaplan turbines. Currently the largest single asset in Energo-Pro's generation portfolio, supplying approximately 8% of Paraná state's annual electricity consumption. Licensed for an average of 24 years under long-term PPAs with annual inflation adjustment.
• Chorreritas Hydropower Plant 20 MW run-of-river hydropower plant under construction on the San Andrés River near San Andrés de Cuerquia, Colombia. Equipped with two Francis turbines. Awarded Hydropower Sustainability Standard certification and nominated for the IHA Blue Planet Prize.
• Gardabani Gas-Fired Power Plant 110 MW gas turbine power plant providing guaranteed reserve capacity to ensure stability, security and reliability of Georgia's unified electricity system. Operated through subsidiary LLC gPower.
• Ferroalloy Production (XEAL) Operates two ferroalloy plants in Galicia, Spain, producing ferroalloys under long-term offtake contracts serving main steelmakers in Spain and Europe. Conducted via the XEAL subsidiary.

Quantifiable outcome

• 4,363 GWh electricity generation in 2025 (+12% year-over-year)
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• UN Global CompactcoreStrategic or Co-development Partner · 1 January 2021ENERGO-PRO has been part of UN Global Compact initiative since 2021, committed to upholding principles in human rights, labor, environment, and anti-corruption.
• International Hydropower Association (IHA)coreStrategic or Co-development PartnerENERGO-PRO is member of IHA, a non-profit membership organization and voice for sustainable hydropower, advancing sustainable hydropower's role in renewable energy systems.
• Ithaka (Local Operating Partner)minorImplementation/ SI/ Consulting PartnerSixth Street's local operating partner for Galician hydro assets before acquisition by ENERGO-PRO.
• Crédit Agricole CIB, Gómez-Acebo & Pombo, E&YminorImplementation/ SI/ Consulting PartnerServed as financial, legal, and accounting/tax advisors respectively for ENERGO-PRO's Spain acquisition.
• Lazard and Pérez-LlorcaminorImplementation/ SI/ Consulting PartnerServed as financial and legal advisors to Sixth Street for the Spain assets sale.
• XP Finanças Assessoria Financeira and Machado, Meyer, Sendacz e Opice AdvogadosminorImplementation/ SI/ Consulting PartnerFinancial and legal advisors for ENERGO-PRO's Brazil acquisition of seven hydropower plants.

Scale indicators10 records

Recent moves12 records

Expansion highlights7 records

Direct peers

• Verbund AG: Austrian-listed integrated hydropower operator and one of Europe's largest producers of hydroelectricity. Operates large-scale hydro assets across the Danube and Alpine regions with vertical integration into distribution and supply, making it the closest publicly-traded peer to Energo-Pro's generation-distribution model.
• Alpiq Holding AG: Swiss-based electricity producer and energy services provider with significant hydropower and renewable generation assets across Switzerland, France, Italy, and Spain. Comparable to Energo-Pro's mix of regulated distribution, generation, and cross-border trading across multiple European markets.
• BKW Energie AG: Swiss integrated energy company with hydropower generation, distribution networks, and energy services across Switzerland and Europe. Comparable mid-cap utility with similar renewable generation mix and grid operations.
• Statkraft AS: Norway's state-owned hydropower producer and Europe's largest renewable energy generator. Operates large-scale hydro and wind generation across multiple European markets, with similar vertical integration and renewable energy focus to Energo-Pro.
• HEP Group: Croatian state-owned integrated utility with hydropower generation, distribution, and supply operations across Croatia and the wider Balkans region. Comparable to Energo-Pro's Southeastern European footprint, particularly its Bulgarian operations.

Broad incumbents

• ČEZ Group: Czech Republic's dominant integrated utility with generation (including hydro, nuclear, and renewables), distribution, and supply operations. As the regional incumbent, ČEZ is broadly comparable to Energo-Pro's domestic Czech and Central European activities but operates at substantially larger scale and with a different generation mix.
• Energetický a průmyslový holding (EPH): Czech-based privately-held energy group with power generation, distribution, and transmission assets across Central Europe. Comparable diversified energy platform with similar regional focus and private ownership structure, though with broader fossil fuel exposure.
• EDP - Energias de Portugal: Major Iberian integrated utility with significant hydropower and renewables generation across Portugal, Spain, and Brazil. Comparable to Energo-Pro's Iberian (XEAL) and Brazilian (Baixo Iguaçu) operations, though at much larger scale with diverse generation mix.
• Public Power Corporation (PPC): Greek integrated utility with substantial lignite, hydro, and renewable generation plus distribution operations. Comparable vertically integrated utility model in the Mediterranean region, though predominantly fossil-fuel generation.
• Drax Group plc: UK-based power generation company with significant renewable (biomass and hydro) capacity and integrated power operations. Comparable as a vertically integrated renewable-heavy generator serving European markets, though predominantly biomass rather than hydropower.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCfwV-Yco_fD8knI68aJPlMQ
• Facebookfacebook.com/EnergoProGroup
• LinkedIncz.linkedin.com/company/energo-pro
• Instagraminstagram.com/energoprogroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries15 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Energo-Pro