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Penkov, Markov & Partners Advises CEZ on Sale of Varna Power Plant

Penkov, Markov & Partners Advises CEZ on Sale of Varna Power Plant

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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.

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

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