PIC has invested €70m to support the €450m expansion of Sofia Airport in Bulgaria.
This is the first project bond of its type issued in the country, and a landmark public-private transaction supporting the development of critical national infrastructure.
Sofia Airport is a flagship transport asset and Bulgaria’s primary international gateway, serving eight million passengers annually, providing essential connectivity underpinning both domestic economic growth and inbound tourism.
This landmark financing will contribute to the construction of a new third terminal, set to start this year. The investment in this airport expansion is a part of its broader modernisation project of the existing airport, providing the required additional capacity to meet Bulgaria’s increased demand for air travel. PIC is investing alongside an EU backed Development Finance Institution, underpinning the strategic importance of this asset to Bulgaria and the European Union’s broader growth ambitions.
Vladan Martinović, head of infrastructure debt at PIC, said: “PIC’s purpose is to secure the pensions of our policyholders for decades to come, and investments such as Sofia Airport are well aligned to this. The project supports the long term upgrade of a critical infrastructure asset in the country, supporting the secure and predictable cash flows PIC needs.
“We are proud to support the financing of a major upgrade to Bulgaria’s primary international gateway, alongside strong institutional partners.”
