Contributed by Gugushev & Partners Law Office

Contributed by CMS.

Today, the majority of large companies produce sustainability reports covering their ESG practices. However, one major obstacle to voluntary ESG reporting is the inconsistency of the shared information Companies have the liberty to select their ESG reporting framework and decide what information to disclose, which results in difficulties for investors and other stakeholders to compare ESG risks and impacts uniformly.

CMS has advised Astronergy on the acquisition of the Boychinovtsi 60-megawatt photovoltaic project in Bulgaria. Ivanov & Co advised the sellers.

Hristov & Partners and the Legal Advisory Group, working with Hogan Lovells, have advised Aiopsgroup on its sale to Valantic. BDK Advokati and Boyanov & Co, working with Heuking Kuhn Luer Wojtek and Spectrum Legal India, advised Valantic.

In the previous article, we reviewed in detail some of the proposals of the European Commission for a comprehensive overhaul of European pharmaceutical legislation, contained in the new draft Directive on the Union code relating to medicinal products for human use (the “Directive”) and in the draft Regulation laying down Union procedures for the authorisation and supervision of medicinal products for human use and establishing rules governing the European Medicines Agency (the “Regulation”), which were not addressed by the Bulgarian media.

CMS Sofia has advised Astronergy Solar Bulgaria on receiving a EUR 54 million refinancing for its portfolio of ten operational photovoltaic plants from the recently merged KBC United Bulgarian Bank.

Boyanov & Co has advised Swedish manufacturing company Note on its acquisition of Bulgarian electronics manufacturer ATM Electronics.

On 26 April 2023, the European Commission presented its long-awaited proposal for a comprehensive reform of the European pharmaceutical legislation.

In the midst of ongoing political gridlock following Bulgaria's fifth parliamentary election in two years, industries such as energy, renewables, high-tech, and healthcare still make the country an attractive investment destination, according to Schoenherr Office Managing Partner Alexandra Doytchinova.

Contributed by Tsvetkova Bebov and Partners, a member of Eversheds Sutherland.

Schoenherr, working with Luther and Hogan Lovells, has advised the Cargo-Partner Group Holding on its EUR 1.4 billion sale of Cargo-Partner GmbH and 60 other subsidiaries to Nippon Express Holdings. Freshfields Bruckhaus Deringer advised the buyer.

Bulgaria has great potential and is currently attracting major investors interested in large-scale renewable energy projects. Currently, over 1,500 megawatts of solar and over 800 megawatts of wind projects are operating. Still, the country’s power generation is highly dependent on its baseload power capacity coming from thermal power plants (over 3,600 megawatts). However, to meet the net zero economy targets, renewables could be the solution to replace these capacity volumes. Thus, at least 2,600 megawatts in RES capacity are expected to be installed by 2025, to allow Bulgaria to meet its target of 30.33% of energy produced from renewable sources.

Kinstellar and ODI Law, working with Morgan Lewis London, have advised TAWAL on its bid to acquire the Bulgarian, Croatian, and Slovenian tower assets of the United Group for EUR 1.2 billion. Jadek and Pensa and Bradvica, Maric, Wahl, Cesarec advised the United Group. Paul Weiss and Kambourov and Partners reportedly advised United as well.

Bulgarian law firm Dinova Rusev & Partners has joined the South East Legal Alliance.

On 4 May 2023 the Bulgarian Act on the protection of persons who report or make public information on breaches ("Whistleblower Protection Act" or "WPA")1 adopted earlier this year enters into force, giving effect to the provisions of Directive (EU) 2019/19372 and imposing a number of obligations on employers in both the public and private sector.

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, only five lawyers in Bulgaria worked on more than one client matter reported in the first three months of 2023?

Wolf Theiss has advised Eleven Ventures on three start-up investments in Bulgaria, including BibeCoffee, True Insight, and Native Teams.