Tear Sheet: Energo-Pro a.s.

The acquisition increases EPas? installed capacity by 97 megawatts (MW) to 1.5 gigawatts (GW) and its average annual generation by about 250 gigawatt-hours (GWh), or 5%. We expect EPas to generate about 4.5 terawatt-hour (TWh) annually; of which 30% will come from Turkish and 40% from Georgian generation assets. Karakurt operates under Yekdem feed-in-tariffs, which we view as supportive until end-2030, Karakurt should receive a fixed tariff of $73 per megawatt-hour (MWh). Karakurt will benefit from a local content bonus of $23/MWh until end-2025. Therefore, we expect the acquisition will increase EPas? EBITDA by about €20 million-€25 million annually over 2025-2030, however, this will only have a minimal effect on the group?s capital expenditure of about €2 million since Karakurt

...February 6, 2025 On Jan. 10, 2025, Czech-based Energo-Pro a.s. (EPas) acquired Turkiye-based Karakurt dam and hydro power plant (HPP), supporting the `##-' stand-alone credit profile. The acquisition increases EPas' installed capacity by 97 megawatts (MW) to 1.5 gigawatts (GW) and its average annual generation by about 250 gigawatt-hours (GWh), or 5%. We expect EPas to generate about 4.5 terawatt-hour (TWh) annually; of which 30% will come from Turkish and 40% from Georgian generation assets. Karakurt operates under Yekdem feed-in-tariffs, which we view as supportive until end-2030, Karakurt should receive a fixed tariff of $73 per megawatt-hour (MWh). Karakurt will benefit from a local content bonus of $23/MWh until end-2025. Therefore, we expect the acquisition will increase EPas' EBITDA by about 20 million-25 million annually over 2025-2030, however, this will only have a minimal effect on the group's capital expenditure of about 2 million since Karakurt is relatively new and is expected...

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