CMS has successfully advised three of the key renewable energy companies operating in Bulgaria on a global out-of-court settlement with the Bulgarian Transmission System Operator (“ESO” EAD) regarding the Feed-In-Tariff (“FiT”) reduction recovery. The photovoltaic power producers - with installed capacity exceeding 100 MWp were represented by CMS and achieved the successful repayment of the illegally imposed by the Bulgarian State Energy and Water Regulatory Commission grid access fees collected by “ESO” EAD between September 2012 and December 2013.
The negotiations, relating to a principal amount exceeding EUR 20 million, were initiated by CMS on behalf of the biggest Bulgarian photovoltaic power producers in May 2014, following the success of the global settlement reached with EVN Bulgaria, another Bulgarian renewable energy company. Following 18 months of constant legal and regulatory assistance, the first set of settlement agreements for photovoltaic projects in Bulgaria has been signed. Wind energy companies and other renewable energy producers can also be affected by the same terms and conditions.
CMS has been actively supporting energy companies operating in Bulgaria which has been reflected by the firm’s position in industry rankings. The CMS Energy team in Bulgaria has been ranked by Chambers & Partners Band 1. CMS Sofia’s position in the energy sector has also been confirmed by its Legal 500 rankings, in which the firm is ranked in Tier 1. CMS has also been recognised as the best advisor for the energy sector in the whole CEE region and ranked by Chambers & Partners in Band 1 in the “Project & Energy” category.
The CMS team working on the settlement was led by Kostadin Sirleshtov, partner and Head of Energy in CEE, and included Assen Georgiev partner and Head of Disputes in CMS Sofia, Iliyan Petrov, Maria Lazarova, Borislava Pokrass, Pavlin Stoyanoff, Deyan Dragiev, Elena Yotova, Dimitar Dimitrov and Zornitsa Stoykova from CMS Bulgaria.