CMS has advised the investors of Acwa Power CF Karad PV Park EAD — a joint venture of Acwa Power, Blackstone, and the Clean Energy Transition Fund (which itself includes the EBRD and the European Investment Bank, among others, as partners) which owns one of the largest photovoltaic power plants in Bulgaria — on the restructuring of its debt. Allen & Overy (as international legal counsel) and Spasov & Bratanov (as Bulgarian legal counsel) advised lenders IFC, OPIC, Unicredit London, and Unicredit Bulbank on the matter.
According to CMS, "the deal follows a series of refinancing deals for the renewable energy producers in the country and includes amendments to the main facility agreements, and to the local security package. Post-restructuring, CMS will be assisting the JV on the completion of a debt-to-equity conversion in the borrower’s capital."
CMS's team included Partner Kostadin Sirleshtov, Senior Associate Jenia Dimitrova, and Associates Desislava Vasileva, Dimitar Dimitrov, Konstantin Stoyanov, Raya Maneva, and Zornitsa Stoykova.
The New-York based Allen & Overy team was led by Partner Sami Mir and coordinated by Associate Jacob Reed.
The Spasov & Bratanov team was led by Partner Vassil Hadjov and included Counsel Nadia Hadjova and Associate Borimir Tonchev.