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CMS and Schoenherr Advise on Sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria to Enery Development

CMS and Schoenherr Advise on Sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria to Enery Development

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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.

CMS described the deal as “the largest renewable energy deal in Bulgaria" and reports that "it [is] also unique, as this is the first-ever disposal completed by ACWA Power.” In addition, CMS reports, "the deal took more than 12 months to complete, as it included complex refinancing of the existing project development financing."

CMS's team in Sofia included Managing Partner Kostadin Sirleshtov, Partner Atanas Bangachev, and Senior Associates Veliko Savov and Valentina Santambrogio. 

Schoenherr’s team in Sofia included Managing Partner Alexandra Doytchinova, Partner Robert Bachner, Attorney Katerina Kaloyanova, and Associate Stela Pavlova.

Editor's Note: After this article was published Schoenherr informed CEE Legal Matters that its team also included, in Sofia, Partners Stefana Tsekova and Ilko Stoyanov, Attorneys Radoslav Chemshirov, Elena Todorova, Galina Petkova, and Silvia Ribanchova, and Associates Milena Gabrovska and Kristina Chakarova, and in Vienna, Partners Laurenz Schwitzer and Leon Kopecky and Associate Stefan Neuwirth.

In addition, Schoenherr informed CEE Legal Matters announced that Memery Crystal had acted as English counsel to Enery.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

Firm's website.