CMS has successfully represented RES Technology in a dispute heard by the Arbitration Court of the Bulgarian Chamber of Commerce and Industry initiated by Bulgaria's state-owned electricity transmission system operator ESO EAD.
RES Technology is a joint venture between the Korean state-owned company KOEN and publicly listed SDN Company Ltd. According to CMS, RES Technology is the largest Korean investor in Bulgaria, and it has invested in excess of EUR 200 million in photovoltaic power plants since 2010.
CMS reports that the dispute involved a transfer of the ownership of a substation and grid connection facilities of one of the largest photovoltaic projects in Bulgaria, which was delayed between 2011-2016 due to the lack of assistance by the Bulgarian state-owned electricity companies National Electricity Company EAD and ESO EAD. Following the transfer of the substation and the grid connection facilities in 2016, ESO EAD initiated proceedings before the Arbitration court of the Bulgarian Chamber of Commerce and Industry claiming liquidated damages, expenses, and related interest. After two years and six hearings the panel rejected all the claims filed by ESO EAD against RES Technology and awarded legal fees to the latter.
The CMS team was led by the Partners Kostadin Sirleshtov and Assen Georgiev, supported by Associates Deyan Draguiev and Dimitar Dimitrov, Trainee Teodora Peycheva, and Legal Secretary Iliana Andreeva-Popova.