The Legal 500

‘Accuracy and professionalism’ are the hallmarks of Djingov, Gouginski, Kyutchukov & Velichkov’s energy practice. ‘Flexible and effective’, the team has the combined regulatory and transactional prowess to handle any matters connected to the electricity and power, oil and gas, and water industries. The practice continues to handle a steady flow of renewables energy mandates, particularly in the area of wind power. As well as continuing to advise Raiffeisen Energy and Environment on the acquisition and sale of a number of wind farms in Bulgaria, the group has also picked up work on behalf of DEG Invest on the project financing of a domestic wind power plant. ‘Extremely well-qualified in energy law’, Milan Pandev led on both these deals and spearheads the majority of matters handled by the two-partner group. Instructed by a plethora of stakeholders including investors and financiers, clients include Chevron, Mitsui & Co and Gazprom.

‘The best energy law firm in Bulgaria’, Kambourov & Partners has a ‘deep knowledge in all energy-related spheres’. With a focus on advising foreign strategic investors, E.ON is a pivotal client of the firm that provides transactional, competition and litigation work for it in the renewables and electricity sectors. ‘The best energy litigators in Bulgaria’, the firm has advised E.ON across a raft of litigation and is currently representing it before the Supreme Administrative Court in relation to appeals against various decisions of the Energy Regulator. ‘One of the best energy lawyers in the country’, Stefan Tzakov heads the team and is, according to one client, ‘not only incredibly fast in his responses but also magnificent at predicting our needs and acting to prevent serious issues from arising’. Other clients include Phoenix Solar, BP Solar and Kalvacha Gas.

Headed by Alexander Chatalbashev, Borislav Boyanov & Co is capable of handling mandates emanating from all facets of the energy sector, from big-ticket M&A-related matters and due diligence to regulatory matters. Particularly active advising clients on renewable energy and oil and gas pipeline projects, the firm is currently advising a local developer of a 150MW wind farm project on its sale to a US private equity fund.

CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office provides a ‘superb overall level of service’ to clients on the corporate, financing and regulatory side across a broad spectrum of energy projects. Toshiba International Europe is a core client of the group and is currently instructing it on regulatory matters associated with its involvement in a €226m conventional power project. Spanish clients such as Iderdrola and Gamesa account for many of the firm’s renewable instructions; it advised the former on the €150m acquisition of a 74MW wind farm project in northern Bulgaria. Team head Kostadin Sirleshtov is praised for his ‘industry knowledge, rapid response times and business acumen’.

Alexander Katarzky heads the ‘excellent’ energy team at Georgiev, Todorov & Co. Displaying an enviable track record in the gas, energy, infrastructure and industrial sectors, the ‘knowledgeable and professional’ team recently advised Mitsui & Co (Japan) on the rehabilitation of the largest Bulgarian thermal power plant. Clients include Insa Oil, Vivacom and the State Commission for Energy and Water Regulation.

Penkov, Markov & Partners has a long-established reputation within the energy market. Benefiting from a ‘particularly strong reputation for renewables work’, and led by Svetoslav Dimitrov, the team represented Solar Projects on two photovoltaic projects with a combined value of €70m. Also active on the financing side, in conjunction with US firm Morrison & Foerster LLP, the team represented the EBRD on the financing of state-owned company FLAG, a fund for financing municipal infrastructure projects. Other clients include Knauf and Saint Gobain Weber.

Spasov & Bratanov is focused on advising domestic and foreign investors on the financing, development and operation of energy (electricity and gas), water and PPP-based infrastructure projects. Particularly accomplished at advising on oil and gas matters, the firm is representing a foreign corporate on the exploration and development of significant oil and gas reserves in the Bulgarian sea shelf of the Black Sea and on related oil and gas production.

Andrey Delchev and Partners – Eurolex Bulgaria represents a vibrant mix of private and public-sector clients across a range of energy projects. Recent highlights include advising Solarpro Holding on the sale of four of its subsidiaries operating photovoltaic plants. The team also recently advised the Municipality of Smolian on the development and extension of the heating network in Smolian.

Able to tap into the ‘considerable expertise’ of the firm’s real estate, construction and corporate expertise, Arsov Natchev Ganeva’s full-service approach to energy mandates is appreciated by an eclectic mix of stakeholders. Major Austrian company Alpine Bau is a key client and as well as the team’s recent work for it on the construction of the Tsankov Kamakhydro power plant project, the practice is also currently acting for it on the €500m construction of the hydro cascade Gorna Arda. The team is also involved in the more esoteric areas of the sector including carbon trading. Marin Arsov is recommended.

The ‘exceptionally committed’ team at Atanassov & Ivanov Law Firm, provides ‘client orientated and focused advice’ to foreign investors in Bulgarian energy projects. Well known in the market for its work for US company Entergy, the practice has attracted mandates from domestic developers purchasing land and Greek investors buying up already developed land. Since 2007, the firm has advised a domestic developer of a wind farm on a €150m project. Stoyan Atanassov and Illiyan Ivanov impress with ‘the depth of their knowledge and excellent legal and analytical skills’.

Delchev & Partners continues to act for Alstom, the main contractor on the construction of the Maritza East 12 x 300MW lignite fired power plant. It has also secured work for ThyssenKrupp Fordertechnik and its Bulgarian subsidiary on a major installation project of a cyclic-flow conveyor system for the open pit mine of Assarel Medet in Panagyurishte. Managing partner Emil Delchev and associate Veselina Petkova are the primary practitioners for this work.

Dinova & Rusev has ‘up-to-date and deep knowledge’ of the energy market and provides ‘structured and concise advice in a user-friendly fashion’. Active in transactions across a plethora of energy sources, the team has a good reputation in the renewables space and has a particular forte advising on the implementation of wind power plants. Active across the gamut of matters including financing, M&A-related activities and regulatory issues, the team recently advised OpetAygaz on the sale of its shares in a petrol stations holding company. Milen Rusev and ‘clear and user-friendly’ senior associate Iliya Grozdanov are integral members of a team that acts for an impressive roster of clients including CEZ Bulgaria, ENEL, Bentonit and Kaliakra Wind Power.

Headed by Adriana Nacheva, the ‘effective’ team at Dobrev, Kinkin & Lyutskanov Law Firm is particularly adept at advising on the construction of new facilities in, and the supply of equipment to, the energy sector. Renewables mandates still generate a substantial amount of work for the group, such as its continued involvement for VEZ Svoghe, the project company responsible for the realisation of the nine small hydro power plants on the Iskar river. The practice has also recently been involved in a raft of cutting-edge green energy sector matters including emission purchase agreements and carbon trading.

The ‘extremely customer-focused’ Gugushev & Partners’ ‘strong’ energy team has rapidly gained an excellent reputation in the market and continues to represent a significant share of developer clients. A ‘leader in the market for renewables work’, the team was recently involved in the exploitation and development of two domestic wind parks with a value of €100m. The ‘very impressive’ Stefan Gugushev ‘always knows the trends in the market’, while associate Kostadinka Deleva is also recommended.

Law Firm Kolcheva, Smilenov, Koev and Partners has an excellent track record for advising financial institutions in electricity, gas and hydro projects. Petya Kolcheva is the pivotal member of the team.

McGregor & Partners’ energy prowess includes advising clients on energy trading and concessions. With offices in Bulgaria and Romania, the firm is well positioned to advise clients in matters throughout the SEE region. Julian Spassov ‘is very accomplished’.

Schoenherr provides expertise on regulatory and transactional work for energy clients engaged across the spectrum of mandates from the oil and gas sector, energy and infrastructure industries. Often instructed by clients in the renewables sector, the firm recently advised Moncada on the acquisition and development of wind parks in Bulgaria. Other work has included advising RWE on the public tender for the construction and operation of two hydro power plants in Macedonia.

Tsvetkova Bebov & Partners (Landwell) provides ‘solution-orientated advice rather than focusing on legal and legislative obstacles and barriers’. Foreign entities account for the majority of the firm’s client base including Spanish renewable company Abasol Group, who it advised with regard to the potential development of a photovaltaic power plant. Peter Takov provides ‘responsive, focused, business-orientated and good-quality advice’.

Varadinov & Co Attorneys-at-Law is advising on one of the most significant concession projects in Bulgaria regarding the construction of a motorway. On the energy side, the firm acts for domestic and international clients engaged in oil and gas prospecting and exploration.

Borissov & Partners has overarching capacity within the energy sector on the transactional and regulatory sides. The team has a particularly good pedigree advising foreign clients and recently advised German solar energy service provider RGE Energy on the acquisition of a project for a 2MW photovoltaic power plant. Other clients include Planificaciones Mundiales and JAB Bulgaria.

Although it is perhaps better known for its finance work, Boteva & Kantutis has handled energy-related M&A transactions for clients such as General Electric.

Headed by Bogdan Petrov, the ‘results-orientated’ team at Dimitrov, Petrov & Co has quickly established itself as a ‘strong performer’ within the renewable energy field. Recent highlights include advising a Portuguese investor on the development of a 12MW wind farm project in eastern Bulgaria.

Greek-based energy specialist KLC Bulgaria EOOD has an office in Sofia and provides the full spectrum of services to participants in the industry, from M&A and financing work to advice on regulatory matters.

Kalaidjiev and Georgiev’s work for Royal Dutch Shell on its investment activities in the country has ensured that the firm has picked up significant exposure to the oil and gas industry.

In addition to continuing to advise longstanding client Statkraft Markets across a plethora of work including electricity trading, Penev LLP has substantially developed its renewables expertise. Led by the ‘very commercial’ Sergey Penev, the firm represented TEPCO and Mizuho Corporate Bank on regulatory matters, and on the potential acquisition of hydro power plants and wind generators in Bulgaria.

Popov & Partners advised Industrial Parts on its business expansion including the purchase of a new warehouse. Eleonora Sergieva heads the group.

At Simeonov & Dermendjiev, senior partner and leading litigator Ivaylo Dermendjiev recently successfully represented the Privatisation Agency in a breach of warranty dispute with Austrian company EVN, conducted before the International Chamber of Commerce International Court of Arbitration. This was one of series of disputes having arisen in connection to the privatisation of electricity and supply companies in Bulgaria.

Yonev Valkov Nenov has handled work in the energy sector for over a decade and has established expertise in power generation, nuclear energy, wind farms, hydro power and gas transmission and distribution.