Komarevski Dimitrov & Partners has advised Witte Automotive on its accelerated buy-out of the minority stake in Witte Injection Molding Bulgaria – previously operating as Forez BG – from FH holding. PwC Legal reportedly advised FH Holding.

On the evening of April 25, 2024, the Deal of the Year Awards Banquet brought together, under the same roof, top-tier lawyers from Central and Eastern Europe's leading law firms in the region in Warsaw.

Following the development of the EU legislation and reflecting market needs and increasing interest in trading with guarantees of origin, the Bulgaria’s Ministry of Energy adopted new Ordinance No. Е-РД-04-2 of 2 April 2024 on guarantees of origin of energy from renewable sources. The new Ordinance was promulgated in State Gazette No. 32 on 9 April 2024.

Djingov Gouginski Kyutchukov & Velichkov has advised Bulgarian Stock Exchange-listed Bianor Holding on a capital increase through a share issuance that attracted 199 investors, including several institutional investors.

The most recent promotion round at CMS saw 54 lawyers promoted to the firm's partnership ranks, including Austria-based Daniela Kroemer, David Kohl, Florian Mayer, Kai Ruckelshausen, Lukas Peissl, Marlene Wimmer-Nistelberger, and Sonja Otenhajmer, Bulgaria-based Jenia Dimitrova, Hungary-based Agnes Solyom, Eszter Torok, and Katalin Horvath, and Poland-based Tomasz Sancewicz.

CMS has advised Greece's Public Power Corporation on a cooperation framework agreement for the development and construction of almost 90 solar projects of up to 2,000 megawatts in Romania, Italy, Bulgaria, and Croatia. The deal is valued at up to EUR 2 billion and is expected to be implemented over the next three years.

Did you know that, according to the Activity Rankings function of the CEELMDirect website, of the 88 law firm partners who have reported working on disputes in CEE over the past 12 months, only nine have reported working on more than one?

CMS has advised Greenvolt Power Solar Poland on its acquisition of an 80-megawatt photovoltaic project – including a battery energy storage system capable of storing electricity up to 25 megawatts per four hours – from AES Global Power Holdings. Spasov & Bratanov, working with Bracewell, advised the seller.

Kambourov & Partners, working with Latham & Watkins, has advised Triton Partners on local aspects of the carve-out and acquisition of Siemens Energy’s Trench high-voltage component business. Baker McKenzie advised Siemens Energy. White & Case advised a syndicate of banks and financial institutions on financing the acquisition.

Boyanov & Co. has advised digital transformation consultant Synechron on its full acquisition of Bulgarian developer Dreamix. Djingov Gouginski Kyutchukov & Velichkov advised Dreamix and its nine shareholders on the sale.

Kinstellar has advised the United Energy Group on its acquisition of Green Profit – the company developing the 250-megawatt Simeonovgrad-Polyanovo photovoltaic project. Wolf Theiss advised Delcho Nikolaev Pehlivanov on the sale.

CMS has successfully represented El Consult PV in a civil dispute initiated by EPC contractor SimInvest claiming compensation for damages before Bulgarian courts.

Boyanov & Co. has advised the Eurobank group on its EUR 61 million general corporate purposes financing for Galleria Burgas EAD and Galleria Stara Zagora EAD, which own and manage the Mall Galleria Burgas and Mall Galleria Stara Zagora shopping centers in Bulgaria. Dentons reportedly advised the lenders as well.

CMS has advised electricity trader Danske Commodities on the licensing of its Bulgarian activities before the country's Energy and Water Regulatory Commission, including for the coordination of a standard and combined balancing group.

Kinstellar has advised Globe Trade Center subsidiary Dorado 1 on a EUR 55 million financing from OTP Bank and DSK Bank.

Boyanov & Co recently announced that Borealis' acquisition of Integra Plastics (reported by CEE Legal Matters on December 8, 2023) had closed on March 29, 2024.

CMS and King & Spalding have successfully represented ACF Renewable Energy Limited – a JV between ACWA Power, Blackrock, and Crescent Capital – in an ICSID case against Bulgaria for the breach of fair and equitable treatment under the Energy Charter Treaty, concerning the 61-megawatt Karadzhalovo photovoltaic plant built in 2012.

CMS has advised Global Biomet on the EUR 50 million financing for the Aratiden PV project in Bulgaria granted by UniCredit Bulbank. CMS also advised on the project's two EPC contracts, with Green Solar Energy for substations and grid connection, and with Rashev & Co for the PV section.