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 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 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 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.

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 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 has been promoted to Partner at Boyanov & Co. in Sofia.

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.

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.

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 has advised the EBRD on a EUR 40 million agreement with Raiffeisebank Bulgaria.

Sofia-based Georgi Kanev has been appointed to lead Peterka & Partners’ newly-established Turkish desk.

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 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 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 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 has advised Bulgartransgaz EAD on its acquisition of a 20% stake in Gastrade S.A.

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.