CMS has advised YGY Industries on the sale of the 229-megawatt St. George greenfield solar plant in Bulgaria's Silistra municipality to Rezolv Energy. Boyanov & Co and, reportedly, Clifford Chance advised Rezolv Energy.
Rezolv Energy is a subsidiary of Actis, a sustainable infrastructure investor.
According to CMS, the construction is due to start before the end of 2023 and the plant is expected to be completed in early 2025. Once constructed, it will be the largest solar plant in Bulgaria. The project will comprise nearly 400,000 solar panels and, with an average annual power generation of 313 gigawatt-hours, it will produce the equivalent of 13% of Bulgaria’s currently installed solar power.
Furthermore, CMS reports that the plant will be connected to the main transmission grid via two independent connection lines totaling about six kilometers in length. The power will be sold to commercial and industrial users through long-term power purchase agreements.
The CMS team included Sofia Managing Partner Kostadin Sirleshtov, Partner Atanas Bangachev, Counsel Borislava Piperkova, Senior Associates Alexander Rangelov, Konstantin Stoyanov, Elena Yotova-Yordanova, and Vaska Solakova, Associates Yavor Danailov, Diyan Georgiev, and Viktoriya Dimitrova, and Trainee Lyubomira Tanchovska.
The Boyanov & Co team included Partners Alexander Chatalbashev, Yordan Naydenov, and Nickolay Nickolov, Senior Associate Nedyalka Novakova, Associate Svetlana Tzvetkova, and Junior Associate Teodora Peycheva.
Editor's Note: After this article was published, Clifford Chance confirmed it had advised Rezolv Energy on the acquisition. The firm's team included Prague Managing Partner Alex Cook, Counsel Michal Jasek, and Associate Tomas Prochazka.