CMS completes the first licensed PV projects in Bulgaria
CMS Cameron McKenna successfully represented its long-standing client SDN Company Ltd., a leading Korean developer of photovoltaic energy projects, on the successful acquisition, construction and putting into operation of two PV power plants in Bulgaria, with installed capacity of 42MWp together with the Korean South - East Power Company. The overall value of the projects, financed by the Korea Development Bank, is €154 million.
Work started back in late 2009 and was led by Kostadin Sirleshtov, Head of Energy in Sofia, supported by over ten lawyers in our real estate, banking, corporate and energy practices. The team delivered overall management of the transaction, including due diligence, transaction documentation, and closing. Furthermore, they assisted for the successful financial close in March 2011 and for the implementation of the project during the construction stage.
Kostadin Sirleshtov comments: "We are delighted to be the first law firm in Bulgaria delivering a PV generation license from the State Energy and Water Regulatory Commission and a PV Power Purchase Agreement from the National Electricity Company for our long-standing clients SDN/KOSEP. This is the first project ever to be financed by the Korea Development Bank in Bulgaria and the largest Korean investment in the country to date. Needless to say, from the start to the successful finish of the projects we faced various issues and challenges, however this success has opened many doors for Asian investment in Bulgaria. I would like to thank the entire team, both on the side of the client and CMS, for this great achievement”.
CMS Cameron McKenna opened its doors in Sofia in January 2005 and was the first UK-headquartered law firm to open in Bulgaria. Today the office comprises of 36 lawyers, including four partners, and represents major international and Bulgarian companies working in various sectors. We are consistently highly ranked by the major international directories such as Chambers Global, IFLR, Legal 500, PLC Which Lawyer? and others. Our energy team in Sofia consists of 6 dedicated lawyers with plenty of experience in all fields of energy.