Schoenherr has advised the MET Group on the acquisition of a 100% stake in a 42MW wind park in the Kavarna region of Bulgaria from Enel Green Power. Memery Crystal provided English law advice to the MET Group. CMS advised Enel Green Power on the transaction, which remains subject to regulatory clearance.
CMS, DR&G, Eurolex Bulgaria, and Andric Law Office Advise on Modernization of Railway in Southern Serbia
CMS Sofia and Doklestic Repic & Gajin have advised Balkantel on its participation as part of a consortium with the Trace Group in a EUR 60 million modernization and rehabilitation project of the Nis-Brestovac railway in southern Serbia. The Trace Group was advised by Eurolex Bulgaria and Andric Law Office.
CMS Successful for ASM-BG Investicii in Dispute with Bulgaria's Public Electricity Transmission System Operator
CMS has successfully represented ASM-BG Investicii in a dispute with ESO EAD, Bulgaria's state-owned electricity transmission system operator, heard by the Arbitration Court of the Bulgarian Chamber of Commerce and Industry.
CMS Advises Arkad Consortium on Amendment of Balkan Stream Gas Pipeline Construction Contract
CMS has advised the Italian-Saudi Arabian Arkad Consortium on the amendment and supplement of a public procurement agreement for the procurement of necessary materials and equipment, investment design-phase detailed design, construction, and commissioning of the Balkan Stream gas pipeline project.
TBK, Clifford Chance, DGKV, and Linklaters Advise on Bulgaria's Eurobonds
Tsvetkova Bebov Komarevski and Clifford Chance have advised the Republic of Bulgaria on its dual tranche EUR 2.5 billion eurobond issuance. Djingov, Gouginski, Kyutchukov & Velichkov and Linklaters advised lead managers Citi, JP Morgan, BNP Paribas, and Unicredit.
The New Specifics in the Underground Natural Resources Act
The energy sector is a key one in the practice of Georgiev, Todorov & Co Law Offices and we constantly follow the changes in the regulations related to the production, transformation, distribution and use of energy resources in the country and the EU.
Nikolay Kolev Makes Partner at Boyanov & Co.
Nikolay Kolev has been promoted to Partner at Boyanov & Co. in Sofia.
SEE Legal Group Establishes Employment and Immigration and Intellectual Property Practice Groups
The SEE Legal law firm alliance has announced the formal launch of two new practice groups, one dedicated to Employment and Immigration, headed by Kolcuoglu Demirkan Kocakli Counsel Maral Minasyan, and one dedicated to Intellectual Property, headed by Selih & Partnerji Partner Natasa Pipan Nahtigal.
DGKV Advises Sitel Bulgaria on Renegotiation of Lease
Djingov, Gouginski, Kyutchukov & Velichkov has advised Sitel Bulgaria, a privately owned contact center company, on the negotiation of lease extension and renegotiation of certain lease provisions necessitated by the COVID-19 pandemic.
DGKV Advises Dow Jones International on Lease of New Office in Sofia
Djingov, Gouginski, Kyutchukov & Velichkov has advised Dow Jones International on the execution of a lease agreement for the company's new office in Sofia.
Kinstellar Advises EBRD on Agreement with Raiffeisenbank for Financing Sewage and Water Operators in Bulgaria
Kinstellar has advised the EBRD on a EUR 40 million agreement with Raiffeisebank Bulgaria.
Peterka & Partners Launches Turkish Desk
Sofia-based Georgi Kanev has been appointed to lead Peterka & Partners’ newly-established Turkish desk.
DGKV Advises OTP Bank and DSK Bank on Financing for Construction of NV Tower
Djingov, Gouginski, Kyutchukov & Velichkov has advised OTP Bank and DSK Bank on financing provided to Minstroy Properties EOOD for the development of NV Tower, a high-rise office building in Sofia.
CMS and Schoenherr Advise on Sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria to Enery Development
CMS has advised ACWA Power, Blackrock, and Crescent Capital on their sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria, which operate the 60 MWp Karadzhalovo photovoltaic plant in Bulgaria, to Enery Development GmbH. Schoenherr advised the buyer on the deal.
Tokushev and Partners and DGKV Advise on Oliva’s Acquisition of Assets of Kaliakra Plant
Tokushev and Partners has advised Oliva AD, the largest grain trader and oilseeds crusher in Bulgaria, on its acquisition of all long-term assets of the Kaliakra plant in Dobrich, Bulgaria, from Kaliakra AD, the Bulgarian subsidiary of Bunge. Djingov, Gouginski, Kyutchukov, and Velichkov advised Kaliakra on the deal.
Schoenherr Advises Lenders on Syndicated Credit Facility to Oliva
Schoenherr has advised BNP Paribas S.A. Citibank NA, London Branch, and Black Sea Trade and Development Bank on Bulgarian legal aspects of a EUR 90 million syndicated credit facility extended to Oliva AD and Buildcom EOOD, as well as on the establishment of a Bulgarian security package for the facility. Herbert Smith Freehills acted as English law counsel to the banks.
Kambourov & Partners Advises Bulgartransgaz on Acquisition of Stake in Gastrade
Kambourov & Partners has advised Bulgartransgaz EAD on its acquisition of a 20% stake in Gastrade S.A.
Electricity Production in Bulgaria Affected by the Pandemic
The main concern in the energy sector in Bulgaria, as in the rest of the EU, has shifted from constantly-increasing electricity prices to a significant drop in those prices during the pandemic. The Independent Bulgarian Energy Exchange (IBEX) reported the lowest prices in Europe – from below EUR 4/MWh to approximately EUR 12/MWh – for the day ahead market during the first weekend of April. Although these record-breaking figures have not stayed constant, the reduction of electricity consumption in the industry sector is still prolonging the trend, which is obviously here to stay. Electricity prices from approximately EUR 14 to EUR 35 for the first week of May are still way below the weighted average price of EUR 48.64/MWh for the day ahead market for 2019.