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Associate

Anna Philcheva

Languages
  • Bulgarian
  • English
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Anna Philcheva is an associate in the Corporate / M&A practice of CMS Sofia. Her practice centres on buy-side M&A, where she supports investors on acquisitions in Bulgaria, including in regulated sectors such as defence. She handles legal due diligence, transaction structuring, the drafting and negotiation of share purchase and shareholders' agreements, merger clearance, and closing and post-closing matters. She also assists with corporate restructurings, including cross-border restructurings under Bulgarian and English law, and with ongoing corporate matters such as share transfers, corporate changes and management agreements.

Relevant experience

  • Advising a buyer on the acquisition of a Bulgarian company in the defence sector, covering legal due diligence, transaction structuring and the drafting and negotiation of the share purchase agreement.
  • Representing one of the largest food voucher providers in Bulgaria in its acquisition of a competitor, including due diligence, share purchase documentation, tax analysis and merger clearance.
  • Assessing options for corporate restructuring and the related tax implications for a leading financial services holding company in Central and Eastern Europe.
  • Implementing the corporate restructuring and transfer of ownership of a Bulgarian entity under Bulgarian and English law.
  • Preparing the management agreement of a leading insurance company in Central and Eastern Europe.
  • Handling share transfers and ongoing corporate compliance for multinational clients, including update statement filings with UK Companies House for overseas entities.

Education

  • 2021-2022 – Master of Laws (LL.M.) in Corporate and Commercial Law, London School of Economics and Political Science, London, United Kingdom
  • 2018-2021 – Bachelor of Laws (LL.B.) with First-Class Honours, King’s College London, London, United Kingdom

Anna Philcheva is an associate in the Banking & Finance practice of CMS Sofia, which she joined in 2023. She acts for Bulgarian and international banks, arrangers and sponsors on project, acquisition and real estate financings, with a particular focus on renewable Energy and battery energy storage (BESS). Her work spans due diligence, deal structuring, finance and security documentation, conditions precedent and closing. Her capital markets experience includes the Bulgarian-law aspects of the first international bond issued by a Bulgarian private company, and she has also been involved in the sale of non-Performing loan Portfolios.

Relevant experience

  • Acting for DSK Bank as Original Lender, Facility Agent, Security Agent, Account Bank and Hedge Counterparty on the approx. EUR 122 million multi-Tranche project financing granted to KRONOS-BIOTOP for an 80.31 MW photovoltaic plant and two battery energy storage systems (120.36 MWh and 320.96 MWh) near Hadzhidimitrovo (2026).
  • Representing a syndicate of lenders (UniCredit Bulbank, Raiffeisen Bank International, Eurobank Bulgaria, United Bulgarian Bank and EBRD) and UniCredit Group, as Sole Global Coordinator, Mandated Lead Arranger, Agent and Security Agent, in the approx. EUR 325 million project financing of the renewable and storage portfolio of Sunotec and Solars Energy (2026).
  • Counselling Verila Solar Park 2 (part of 360 Energy), as borrower, on the approx. EUR 63 million financing of a 360 MWh BESS near Dupnitsa provided by Raiffeisen Bank International and UniCredit Bulbank (2026).
  • Assisting UniCredit Bulbank and Eurobank Bulgaria with the approx. EUR 74 million project financing of a 360 MWh BESS near Cherven Bryag (2025).
  • Supporting DSK Bank on the financing of ten BESS projects across Bulgaria, including three projects in Brusartsi, Byala Slatina and Zlatitsa (over 885 MWh, over EUR 160 million) and seven projects of 215 MWh each (EUR 40 million) (2025).
  • Serving as lead counsel to DSK Bank and OTP Bank on the approx. EUR 80 million financing of a co-located 115 MWp photovoltaic plant and 152 MWh BESS in Razgrad municipality, and to DSK Bank and Sunotec Investment on the approx. EUR 42 million financing of a PV and BESS project near Sliven (2025).
  • Providing Bulgarian-law advice to J.P. Morgan on the inaugural EUR 500 million bond issue by Eastern European Electric Company B.V., the first international bond issue by a Bulgarian private company (2025).
  • Advising a leading Bulgarian bank on the sale of an NPL portfolio with an overall value of over EUR 90 million.

Publications

Bulgaria: A Deep Dive into Taxation of Crypto-Assets (with Ivan Gergov), CEE Legal Matters, Issue 10.10

Education

  • 2021-2022 – Master of Laws (LL.M.) in Corporate and Commercial Law, London School of Economics and Political Science, London, United Kingdom
  • 2018-2021 – Bachelor of Laws (LL.B.) with First-Class Honours, King’s College London, London, United Kingdom

Anna Philcheva is an associate in the Energy & Climate Change team at CMS Sofia. She works with lenders, sponsors and developers on solar PV, standalone battery storage and co-located PV and BESS projects across Bulgaria. Her experience runs from project due diligence, land acquisition, zoning, permitting and grid connection to the review of project documents and the negotiation of project finance documentation through to financial close. Since 2025 she has been involved in financings for projects with more than 4 GWh of battery storage capacity.

Relevant experience

  • Supporting a developer through all stages of a 300 MW photovoltaic project, including land acquisition, zoning approval, change of land designation, permitting, negotiations with authorities and grid connection.
  • Working with lenders, sponsors and developers on the financing of solar PV, standalone BESS and co-located projects with a combined storage capacity of over 4 GWh, including the Radomir, Vratsa II and Miziya projects, the Razgrad co-location project and seven 215 MWh BESS projects (2025-2026).
  • Conducting due diligence and reviewing project documents for BESS projects, including the 360 MWh Verila project near Dupnitsa (2026).
  • Preparing a report on environmental matters for an energy project, covering the right to build, approvals, balancing agreements and risk assessment.

Education

  • 2021-2022 – Master of Laws (LL.M.) in Corporate and Commercial Law, London School of Economics and Political Science, London, United Kingdom
  • 2018-2021 – Bachelor of Laws (LL.B.) with First-Class Honours, King’s College London, London, United Kingdom

Insights by Anna

CMS Sofia Supports DSK Bank in EUR 122 Million Renewable Energy and Storage Financing

CMS Sofia Supports DSK Bank in EUR 122 Million Renewable Energy and Storage Financing

04 Aug 2026 2 min read
CMS Sofia Advises Syndicate of Lenders on EUR 325 Million Renewable Energy & Storage Financing

CMS Sofia Advises Syndicate of Lenders on EUR 325 Million Renewable Energy & Storage Financing

05 Mar 2026 2 min read
CMS Sofia advises Verila Solar Park 2 on EUR 63 million BESS financing

CMS Sofia advises Verila Solar Park 2 on EUR 63 million BESS financing

20 Jan 2026 1 min read
CMS Sofia advises UniCredit Bulbank and Eurobank Bulgaria on EUR 74 million financing for a battery energy storage project in Bulgaria

CMS Sofia advises UniCredit Bulbank and Eurobank Bulgaria on EUR 74 million financing for a battery energy storage project in Bulgaria

02 Dec 2025 2 min read
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