Penkov, Markov & Partners, working alongside Weil, Gotshal & Manges, has advised CEZ on the sale of Bulgaria's hard coal-fired thermal power plant in Varna to Bulgarian company SIGDA OOD.
TPP Varna, with an installed capacity of 1260 MW, has been shut down since January 2015. CEZ accepted the offer of SIGDA OOD as the best received in the tender. The transaction remains subject to approval of the Bulgarian antimonopoly authority, and the final purchase price will be determined as of closing of the transaction based on the level of working capital.
The Penkov, Markov & Partners team led by Partners Ivan Markov and Svetoslav Dimitrov continues to assist CEZ in connection with merger clearance aspects of the transaction.