The European Bank for Reconstruction and Development (EBRD) has invested €100 million (£89.3m) in a new seven-year bond released by Bulgaria’s state-owned controller of energy assets.

The bank’s involvement in Bulgarian Energy Holding’s (BEH) €550 million (£491.3m) bond issue will help it support key power sector reforms, restructure its balance sheet and improve the long-term financial sustainability of the nation’s power sector.

The new bond will be used to refinance the €500 million (£446.8m) bond issued by BEH in 2013, which will improve the holding’s financial structure.

To date, the EBRD has invested nearly €3.9 billion (£3.48m) into various sectors of Bulgaria’s economy in about 250 projects, with energy sector investment accounting for about a third of the bank’s portfolio in the country.