CMS has helped Bulgaria's Global Biome settle a multi-million euro renewable energy dispute with the Sustainable Energy Development Fund related to recent changes to Bulgarian legislation. The SEDF was advised by Bouzeva & Partners.
According to CMS, pursuant to changes to Bulgaria's energy legislation that followed a 2016 World Bank study, renewable energy producers in the country were obliged to transition from long-term Power Purchase Agreements to Contracts-for-Premium, with the Sustainable Energy Development Fund topping up the difference between the market price of electricity and the agreed subsidies. According to the firm, the dispute "was successfully settled following six months of negotiations and concessions by the parties."
CMS's team was led by Managing Partner Kostadin Sirleshtov, assisted by Associate Elena Yotova-Yordanova.
The Bouzeva & Partners team was led by Partner Nikolay Daskalov and included Associate Milena Muraveeva.