In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Bulgaria’s renewable energy sector has seen significant growth in recent years. In 2024, almost 1 gigawatt of new renewable energy capacity was connected to the grid, predominantly from solar energy. Notably, no new wind farms have been commissioned since 2012, primarily due to administrative barriers and local opposition. However, investor interest remains high, especially in the southern and northwestern regions. Projects like the 238-megawatt Tenevo hybrid solar plant in Yambol, which plans to integrate a solar park, wind turbines, and energy storage, exemplify this trend.

The contemporary European market witnesses a large number of highly operational business models that target European consumers and are, simultaneously, managed outside the European Union. There are businesses whose central administration or decision-making hubs are not established in any EU member state. Some of them neither control nor process data of their consumers within the EU. At the same time, some of these businesses are also subject to strict and enforceable international regulations in addition to the applicable EU legislation.

Bulgaria’s Technology, Media, and Telecommunications (TMT) sector is continuing its steady and dynamic growth, reflecting the country’s ongoing digital transformation and its increasing role as a regional technology hub.

The first half of 2025 in Bulgaria’s corporate and M&A landscape has been characterized by a modest start amidst global economic and political uncertainties. Many export-oriented industries faced a challenging 2024, impacting the financial projections of potential targets. However, the outlook remains largely positive, fueled by major upcoming developments.

Bulgaria’s energy sector has been undergoing deep and rapid reforms. The combination of the effects of the war in Ukraine and the related sanctions, the European Green Deal and the rapid decrease of investment costs for renewables, the commitments for a coal-free future, and the neighboring discoveries of natural gas in the Black Sea – all combined with the unprecedented support for nuclear energy – is putting Bulgaria on the global investment map.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. This time around, we dug deeper into a discussion point that came up during our last event: During our annual General Counsel Summit held in Prague recently, we’ve learned that even with the inflation in CEE having hovered around 14-20% in recent years, legal fees have remained static or have even decreased in some jurisdictions. Given that, how has your firm managed to consistently deliver high-quality service under these constraints?

An increasing number of law firms have been publicly warning about the misuse of their names in phishing and cyberattacks. PRK Partners Partner Michal Matejka, Musat & Asociatii Partner Stefan Diaconescu, Gugushev & Partners Partner and Head of Data Protection Yoanna Ivanova, and DLA Piper Hungary Partner and Head of Intellectual Property and Technology Zoltan Kozma discuss the growing trend.

After the European Commission’s letter in December 2024, which identified the risks of regulatory arbitrage stemming from diverging interpretations, risks that we also encounter in practice, the European Banking Authority (“EBA”), in its outlook, called for no immediate action regarding the PSD2’s applicability to services related to electronic money tokens (“EMTs”). On 10 June 2025, the long-awaited Opinion of the EBA (the “EBA No Action Letter”) on the interplay between Directive 2015/2366 (“PSD2”) and Regulation 2023/1114 (“MiCA”) in relation to crypto-asset service providers (“CASPs”) that transact in EMTs was finally published.  

Djingov, Gouginski, Kyutchukov & Velichkov, working with Linklaters, has advised joint bookrunners Citigroup and J.P. Morgan on the EUR 800 million Eurobond issuance by Bulgarian Energy Holding. Spasov & Bratanov, working with Allen Overy Shearman Sterling, advised Bulgarian Energy Holding.

Wolf Theiss has advised Sofia South Ring Mall on the EUR 79 million cross-border refinancing of its flagship retail property in Bulgaria. Dentons and Boyanov & Co advised the lenders – Eurobank Bulgaria, Eurobank Greece, and Eurobank Luxembourg Private Bank.

Lenders under foreign law credit arrangements subjected to the competence of English or other non-EEA courts – whose judgments (as opposed to those from EEA courts) are not automatically recognised or enforced in Bulgaria – often seek separate guarantees, allowing them to directly sue Bulgarian guarantors (e.g. wealthy domestic subsidiaries of multinational borrowers) in Bulgaria and obtain local court injunctions. Using the typical Bulgarian law guarantee arrangements subjected to the competence of Bulgarian courts in such cases is problematic.

Allen Overy Shearman Sterling has advised Citigroup Global Markets Europe, Goldman Sachs Bank Europe, and J.P. Morgan as joint bookrunners and joint lead managers, as well as The Law Debenture Trust Corporation as trustee, on the EUR 700 million issuance of 8% senior guaranteed green notes by Energo-Pro. Tsvetkova Bebov & Partners, member of Eversheds Sutherland, advised the issuer. BLC Law Office and White & Case and its Turkish affiliate law firm GKC Partners reportedly advised the issuer and guarantors. Boyanov & Co and, reportedly, BGI Advisory Services advised the joint bookrunners, the joint lead managers, and the trustee as well.

Kinstellar has advised First Big Orange Garden on its acquisition of the FairPlay Business Hub from Fairplay International. Jordanov, Ignatov & Ivanov reportedly advised Fairplay International.

Tabakov, Tabakova & Partners has advised Mineral Water Hissar on the protected designation of origin registration of Naturalna mineralna voda Hissar / Naturalna mineralna voda Hissarya / Hissarska naturalna mineralna voda in the Register of Geographical Indications of the European Union.

Bulgaria’s energy sector has seen a wave of activity over the past year, spanning offshore oil and gas exploration, large-scale renewables, and battery storage projects, keeping CMS Sofia’s Energy, Projects, and Construction team at full speed, according to Partner Kostadin Sirleshtov. Backed by strong investor interest and a more stable regulatory environment, the sector’s upward trend looks set to continue into 2025.

Elena Stoilova-Dobreva has become a Co-Managing Partner at Tzvetkova & Partners and, as a result, the firm has changed its name to Tzvetkova, Tzvetkov & Dobreva.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.