Energy and natural resources in Bulgaria

Boyanov & Co.

Praised for its ‘extensive experience in all areas of the energy sector’, Boyanov & Co. leverages the firm’s full-service capability to handle a range of projects, such as advising Three Seas Initiative Investment Fund on the acquisition of a majority stake in the Austrian independent renewable power group Enery Development. Practice leader Alexander Chatalbashev handles cross-border matters emerging out of the energy sector, including M&A transactions, regulatory issues, litigation and project development, while Damian Simeonov focuses on the acquisition and financing of energy projects.

Practice head(s):

Alexander Chatalbashev

Other key lawyers:

Damian Simeonov; Svetlina Kortenska; Nikolay Kolev


‘This practice consists of a wide range of highly qualified specialists with extensive experience in all areas of the energy sector.’

Key clients

J.P. Morgan

Three Seas Initiative Investment Fund

OMV Petrom

OTP Bank

EVN Elektrosnabdyavane

Westinghouse Electric Sweden

Elektrorazpredelenie Yug

EVN Trading South East Europe

Sevlievo Gas

Ming Yang Wind Power (International) Co.

International Investment Bank

Ideal Standard – Vidima

Terna Energy

Work highlights

  • Acted as Bulgarian legal advisor to J.P. Morgan, BNY Mellon Corporate Trustee Services Limited and DSK Bank on €360m facilities to Eastern European Electric Company BV.
  • Advising Three Seas Initiative Investment Fund in a transaction for the acquisition of a majority stake in the Austrian independent renewable power group Enery Development.
  • Advising one of the several Bulgarian gas distribution companies on contractual and regulatory matters related to their gas distribution service.


CMS handles a broad range of significant mandates arising out of the energy sector, such as advising ACF Renewable Energy on the sale of its 60.4 MWp photovoltaic power plant in Bulgaria, the Karadzhalovo power plant, to Enery Development. In addition to renewable energy, the team is also noted for its expertise in upstream oil and gas, nuclear, mining, regulatory and projects. CEE head of energy and climate change Kostadin Sirleshtov, who has notable experience in the conventional power and electricity sectors, jointly leads the Sofia team alongside Dimitar Zwiatkow.

Practice head(s):

Kostadin Sirleshtov; Dimitar Zwiatkow


‘Excellent professional law firm, very focused and connected at local level and interaction with local authorities. We were provided with very good advice in relation to difficult and complex interpretation of local agreements’ clauses and practice of the local authorities.’

Key clients

OMV Petrom

ACF Renewable Energy / Acwa Power

Enel Greeen Power


Axpo Solutions

Vier Gas Transport


Enery Development

Axpo Bulgaria

Eiffel Energy Transition Fund SLP

UniCredit Bulbank


Briabuild Solar



First May




Trace Holding / Galini

Saxenergy Power GmbH & Co. KG

ZMM Bulgaria Holding

SC CIGA Energy

Work highlights

  • Advised Acwa Power on the sale of its 60.4 MWp photovoltaic (PV) power plant in Bulgaria, the Karadzhalovo power plant, to Enery Development.
  • Advised Enel Green Power, the renewable energy arm of Italy’s Enel Group, on the sale of a 42MW wind park in Bulgaria to the Switzerland-headquartered energy company MET Group.
  • Assisted Vier Gas Transport and its subsidiaries in the preparation, application and bid processes of a public procurement procedure held by ICGB AD.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s energy and utilities practice counts ContourGlobal Maritsa East III, ČEZ and Axpo Trading, among its roster of notable clients, as well as several banks, financial institutions and funds investing in the energy sector. Full-time energy specialists Milan Pandev  and Georgi Goudiniski lead a large team of practitioners. Recommended for pipeline development, power generation and distribution projects, Pandev has notable experience in the power and oil and gas sectors, while Goudiniski focuses on project financing, M&A, privatization and international commercial transactions in this space.

Practice head(s):

Milan Pandev; Georgi Gouginski

Other key lawyers:

Anton Krustev; Yassen Spassov


‘Djingov, Gouginski, Kyutchukov & Velichkov provides highly professional services from experienced lawyers having the expertise and motivation to meet the best criteria for quality of the work. DGKV delivers timely, exhaustive and competent legal advice discussed from different perspectives and observing the highest standards in the area which makes this practice unique.’

‘Milan Pandev is extremely highly-qualified in the field of energy law and corporate law.’

‘Anton Krustev is a recognized expert in the field of energy law.’

Key clients

ContourGlobal Maritza East III

Vitol Gas & Power

CEZ Elektro

Axpo Trading

Shanghai Sensheng Assets Management Centre

Mechel International Holding

Patria Land Oy

Water & Sewerage Company Steneto

Work highlights

  • Advised ContourGlobal Maritza East III as a principal legal counsel on all Bulgarian law matters.
  • Advising Gazprombank in relation to the financing of the EPC contractor awarded the expansion of the gas transmission infrastructure of Bulgartransgaz, parallel to the north gas pipeline to the Bulgarian-Serbian border.
  • Providing transaction structuring advice to Portigon and Erste Abwicklungsanstalt in respect of the Bulgarian law aspects of the transfer of loans secured by collateral in Bulgaria, drafting of transfer agreements for the restructuring of and partial exit from certain loans under four separate financing agreements and an inter-creditor agreement for the long term project financing of a large energy project in Bulgaria.

Kambourov & Partners

Kambourov & Partners handles the full spectrum of mandates arising out of the energy sector and is noted for its particular expertise in energy-related disputes, such as providing ongoing assistance to ČEZ regarding investment arbitration claims against the State before the ICSID. Practice leader and litigator Stefan Tzakov has experience representing clients before the Bulgarian courts, the State Energy and Water Regulatory Commission, the Ministry of Economy and Energy and others. Irena Petkova is another key member of the firm’s long-established energy and natural resources team.

Practice head(s):

Stefan Tzakov

Other key lawyers:

Irena Petkova


‘We have been working with Kambourov & Partners for the last almost two years. Our impression is excellent. The strength of the team is their professional and in-depth studies in each case.’

‘The team are diverse, broad expertise, trustworthy, competent, efficient and business oriented.’

Key clients

Gunvor Group

Danske Commodities

HS Timber

Toplofikacia Ruse

Correggio Consulting


United Group

Gruppo Società Gas Rimini S.p.A.



RWE Supply & Trading

Citygas Bulgaria

European Federation of Energy Traders (EFET)


Work highlights

  • Acting for ČEZ with regard to investment arbitration claims against the Republic of Bulgaria before the International Centre for Settlement of Investment Disputes (ICSID).
  • Advising and assisting United Group on a wind power project with installed capacity of 70 МW.
  • Advised and assisted Bulgartransgaz on the acquisition of 20% of the capital of the Greek project company Gaztrade SA, developer of the LNG terminal near Alexandroupolis, Greece.


Schoenherr handles a range of energy-related mandates across the oil and gas and electricity sectors, including transactional, competition, regulatory and project financing matters, among others. The team is noted for its capability in renewable energy projects, such as advising MET Group on the acquisition of 42 MW wind park from Enel Green Power. Stefana Tsekova is ‘well positioned among major energy lawyers on the local market’ and leads the practice alongside Radoslav Chemshirov, who is praised as a ‘true expert in his field’.

Practice head(s):

Stefana Tsekova; Radoslav Chemshirov

Other key lawyers:

Alexandra Doytchinova


‘Schoenherr is a one-stop-shop for all law related matters that might arise in the energy sector, from the regulatory framework, project initiation, execution and operation to relationships with partners, counterparties, state bodies and dispute settlement, if necessary, of course. Any big law firm is capable of handling our legal needs. But what makes Schoenherr different is their client focus, flexibility and practical advice – this is not often found with its competitors.’

‘Schoenherr’s energy team is outstanding. Radoslav Chemshirov is a true expert in his field, a committed, persuasive and incredibly effective lawyer. And last but not least, he’s a great person to deal with.’

‘Schoenherr is regarded as one of the leading energy law firms in Bulgaria. They are focused and practical, they don’t waste your time but get straight to the key point. They are our first choice and we trust them.’

‘I have most impressions from Stefana Tsekova and Radoslav Chemshirov. They’re both an example of what a really good legal advisor should be; quick, responsive and providing well-reasoned advice. Stefana is very well positioned among major energy lawyers on the local market. She demonstrates great industry knowledge and practical experience, while Radoslav thinks of legal questions from the client’s point of view and thus saves us time and resources. They’re both one of very few energy regulatory lawyers whose advice I trust.’

‘Extremely easy to work with and cooperate. Great availability and responsiveness.’

Key clients

Liechtenstein Group

Petrom S.A.

Enery Development

European Commission

MET Group

OMV Bulgaria


Danske Commodities

Woodside Energy

Moncada Energy


Work highlights

  • Advised Enery Development on the multimillion acquisition of Karadzhalovo PV park, with installed nominal capacity of 50MW and installed peak capacity of 60.4MWp.
  • Advising MET Group on the acquisition of a 60 MW operational wind park located in Suvorovo.
  • Advised Liechtenstein Group on its investment in PV-Invest, a renewable energy company active in Austria and southern and south-eastern Europe.

Wolf Theiss

Commended for its ‘deep understanding of the energy industry’, Wolf Theiss advises both domestic and multinational clients on a range of power-related mandates, such as conventional and ‘renewable energy projects and electricity trading’, among others. Specialist partner Radoslav Mikov, who focuses on regulatory matters and energy project developments, jointly leads the practice alongside Anna Rizova, who acts for clients in the electricity and natural gas sectors. Counsel Oleg Temnikov is praised by one client as ‘a brilliant energy and regulatory lawyer’.

Practice head(s):

Radoslav Mikov; Anna Rizova

Other key lawyers:

Oleg Temnikov; Katerina Novakova


‘The team has developed a deep understanding of the energy industry and the local marketplace in which we operate, tailoring their activities to our needs. I would rate their commercial awareness as very good also.’

‘I have worked mostly with Oleg Temnikov and Radoslav Mikov. Oleg Temnikov is a brilliant energy and regulatory lawyer. His advice is always accurate and comprehensive. He is among the leading individual lawyers in the sector in Bulgaria. Radoslav Mikov comes from the industry and is very practical and solution-oriented.’

‘Wolf Theiss have, in most offices, specialised energy teams. This is a huge advantage, as they can provide lawyers with appropriate experience and industry specific know-how. This is particularly relevant for the Sofia office, which hosts a large energy/projects team, with extensive experience in the sector. Their particularly strong areas are the renewables projects (development, construction and transactions) and electricity trading.’

‘Radoslav Mikov is very smart and passionate for his job, has good communication skills, knowledge of the law, strong writing ability and good judgement.’

Key clients


Axpo Bulgaria

Elpedison Power Generation

Enerjisa Europe Korlátolt Felelősségű Társaság

MET Energy Trading Bulgaria

Protergia Energy / Mytilineos

Syndicate of five banks: International Bank for Economic Co-operation, and Sofia-based UniCredit Bulbank, Raiffeisenbank Bulgaria, DSK Bank, and Allianz Bank Bulgaria


Engie Romania


Work highlights

  • Advising the Bulgarian branch of the Swiss energy company Axpo on various matters regarding its activities in Bulgaria.
  • Advising MET Energy and Trading on a variety of matters related to their electricity and natural gas trading and operations in in Bulgaria and the region.
  • Advised Energeo, a Bulgarian independent energy trader, on PPA negotiations and amendments with a client.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners – Eurolex Bulgaria acts for ministries and state agencies on energy legislation amendments, as well as national and foreign private investors on the construction and financing of energy projects. Managing partner and practice leader Andrey Delchev is noted for his experience in the water and energy sectors. The team, which includes Magdalena Valova, who advises on PPP projects in the energy space, and associate Valery Petkov, has also expanded its environmental law expertise into the field of air pollution regulation.

Practice head(s):

Andrey Delchev

Other key lawyers:

Magdalena ValovaValery Petkov


‘The firm provides highly professional services from experienced lawyers having the expertise and motivation to meet the best criteria for quality of the work.’

‘They deliver timely, exhaustive and competent legal advice discussed from different perspectives and observing the highest standards in this area. They react very quickly to legal changes. Persistence when defending us in court is very impressive.’

‘They have a solid team of professionals in various fields of law. We have worked closely with Andrey Delchev, who is a very experienced professional in the area of energy and competition projects.’

Key clients

Assarel-Medet JSC

Bulgarian Mining Chamber

Bulgarian Petroleum and Gas Association

CEZ Group, Czech Republic

Council of Ministers

Energy and Water Regulation Commission


Ministry of Environment & Waters

National Trust EcoFund

World Bank

Work highlights

  • Advised World Bank on the development and implementation of national programs for ambient air quality management necessary for reaching compliance with EU law requirements.
  • Studied international good practices and drafted a proposal for possible solutions for improving the concession policy for mineral resources in the Republic of Bulgaria.
  • Advised Sofia Municipality on the establishment of a municipal Energy Centre that will design and implement different energy management, energy efficiency, climate change mitigation and RES projects.

Georgiev, Todorov & Co

Georgiev, Todorov & Co combines its ‘experience in the energy sector, excellent track record in litigation and great communication with clients’ to represent electricity and renewable producers, gas and oil refineries and natural resources companies, in regulatory and court proceedings. Elsewhere, the team also handles non-contentious mandates, including energy infrastructure and development projects. Managing partner Ivan Todorov jointly leads the practice alongside Mariya Derelieva, who represents cogeneration and renewable producers in disputes. Both Arno Mamasyan and Nikolay Lazarov are key members of the team.

Practice head(s):

Ivan Todorov; Mariya Derelieva

Other key lawyers:

Arno Mamasyan; Nikolay Lazarov; Dobrina Pavlova


‘Mariya Derelieva is the main contact. She is a very precise and sharp-witted lawyer applying smart solutions to our complex legal issues. I am truly amazed at her strong litigation skills and substantial knowledge in energy legislation. In addition, we worked with Nikolay Lazarov, who has great communication skills, is very experienced in the energy field and easily solves various issues in the field.’

‘The team of Georgiev, Todorov & Co has impressed us with their accuracy, speed of work and efficient legal advice. They have extensive experience in the energy sector, excellent track record in litigation and great communication with clients. This combination makes the firm a preferred choice for us.’

‘Our main lawyer is Dobrina Pavlova, who has over a decade experience in the energy and natural resources sector. She knows all the specifics in the sector, is very easy to communicate with, has excellent analytical skills and is able to do an in-depth research and provide prompt replies to all of our enquiries in the field. We cannot express how happy we are with the legal assistance provided by her.’

‘We chose to work with Georgiev, Todorov & Co. due to their established reputation in the energy and natural resources field. Their team is highly competent in the energy regulations, has outstanding negotiation skills which are perfectly combined with an impressive litigation practice. Their lawyers are easy to communicate with and often collaborate very well while working in a team to give the most precise legal assistance to solve a complex matter.’

‘Our company has mainly worked with Mariya Derelieva. She is an exceptional professional, with a deep understanding in the field and huge availability. In addition to that, Derelieva has a very thorough approach and offers efficient legal advice.’

Key clients

Obonato Build


Asarel Medet

BMF Port Burgas

Bulgarian Chamber of Mining and Geology/Euromax Services


European Trade of Energy

Gazprom Export LLC

Gimel Organic

Grand Energy Distribution

Hydroenergy Association

Hydro Power Utilities

Lubricants Importers Association

Multi Had

National Association of Property Developers

Port of Burgas

TEC Maritsa 3

TEC Bobov Dol


Toplivo Corporation

Toplofikacia Pernik

Toplofikacia Ruse

Toplofikacia Sliven

Union Hydro

Union of the producers of Green Energy

Work highlights

  • Consulted and represented Gazprom Export LLC in the sale of its shares in Overgas Inc., together with Baker McKenzie.
  • Successfully resolved the dispute of BMF Port Burgas with the licensed distribution grid operator, which was a subject of consideration by the Court of Justice of the European Union.
  • Representing Grand Energy Distribution on а court claim for approximately €9m arising from the COVID-19 pandemic against a state owned nuclear power plant for amendment of prices of electricity, as a result of a significant deviation from current market levels due to the force majeure situation.

Jordanov, Ignatov, Ivanov Law Firm

Jordanov, Ignatov, Ivanov Law Firm continues to be entrusted by the state government to advise on disputes and significant projects, such as acting for the Ministry of Energy on restarting the construction of the Belene Nuclear Power Plant. The team also counts Energy Holding and National Electricity Company among its key list of clients. Ivan Jordanov jointly leads the practice alongside Rumen Ignatov, while litigator and arbitrator Dimitar Ivanov is another key member of the team.

Practice head(s):

Ivan Jordanov; Rumen Ignatov

Other key lawyers:

Dimitar Ivanov


‘Responsible, correct, make good studies, know their client and have a good attitude.’

‘The strengths and key capabilities compared to other firms are the good communication and understanding of the client’s cases and needs for legal checks – the firm knows the environment in which the client operates and checks all issues needed with in-depth approach, considering all aspects and factors.’

‘The people are very efficient, with excellent understanding of the matters – they do their best to help.’

Key clients

Bulgarian Ministry of Energy

National Electric Company

Bulgarian Energy Holding

Varna Logistics

Mott MacDonald (Bulgaria)

Polaris 8

Work highlights

  • Assisted the State with the re-negotiation of the 1999 concession agreement of Chelopech underground gold-copper mine.
  • Adviseing the Ministry of Energy on the legal steps of the tender procedure for choosing a strategic investor for Belene Nuclear Power Plant project, as well as on the diverse compliance and legal matters.
  • Advising Polaris 8 on various compliance and regulatory issues pertaining to its mining operations.

Penkov, Markov & Partners

Penkov, Markov & Partners demonstrates ‘great experience and industry know-how‘ in energy-related litigation and significant M&A transactions, such as advising CEZ on the closing sale of its subsidiaries to Eurohold for €335m. The team also handles project developments of electricity and gas capacities and supply sources. Vladimir Penkov leads the practice group alongside Atanas Valov, who has ‘wide experience in energy-related litigations, particularly before administrative courts’, and senior associate Nikolay Voynov, who has experience in advising private clients and public entities on diverse energy projects.

Practice head(s):

Vladimir Penkov; Atanas Valov; Nikolay Voynov


‘One of the oldest and most experienced energy practices on the market, particularly in the field of photovoltaic power plants. Great experience and industry know-how.’

‘I would definitely recommend Atanas Valov, who is an outstanding expert on real estate and zoning/planning matters, as well as Vladimir Penkov, who is an extremely experienced lawyer. Atanas Valov has also remarkable experience and knowledge in general commercial law matters and is always able to significantly contribute to projects. He also has wide experience in energy related-litigations, particularly before administrative courts.’ 

‘The team of Penkov, Markov & Partners has quite the name in the renewable energy sector. They have excellent knowledge of the business particularities and the financial side of the sector, great knowledge of the substantive law in whose creation they have actively participated in and have very good litigators in their team. Being veterans from many previous cases against the regulatory bodies and the State (from 2010 onwards), they have acted adaptively to the legal situation and dedicatedly defended our interests and that of the whole sector in these series of cases.’ 

‘Great knowledge about energy and natural resources. Deeply explaining pros and cons, fast reaction and great collaboration.’

‘Competent, trustworthy, loyal, dedicated and an effective team of professionals.’  

Key clients


Mondi Stambolijski

Zlatna Panega Cement

Markan Holding

Knauf Bulgaria

EnergiMidt Renewables

Minstroi Holding Group

Aenerg Group


BA Glass



Work highlights

  • Represented CEZ on a multi-million M&A deal in the energy sector, becoming the largest transaction in the Bulgarian electricity sector in the last 10 years, with a sale price under the SPA of €335m.
  • Representing multiple RES producers on cases with net value of more than €5m, where two landmark decisions of the Supreme Court of Cassation have been issued on the cases, fully awarding the claims of the RES producers and accepting the defence position of our team regarding the liability of the State for ant constitutional fee.
  • Advised Bulgartransgas on its participation in a project regarding the planning, developing, managing and operating the Liquefied Natural Gas (LNG) Terminal in northern Greece (Alexandroupoli).

Arsov Natchev Ganeva

Arsov Natchev Ganeva is noted for its expertise in energy infrastructure projects, as highlighted by the team’s continued advice to ICGB and its shareholders regarding the construction and operation of a natural gas pipeline interconnection between Bulgaria and Greece. Svetlana Ganeva leads the team alongside Jivko Rokov, who has experience in handling transactions across the renewables, oil and gas, mining and electricity sectors.

Practice head(s):

Svetlana Ganeva; Jivko Rokov

Other key lawyers:

Yordan Terziev

Key clients

ib vogt


LCI Low Carbon Investment


Air Liquide

AS 24 Bulgaria

Interconnector Bulgaria-Greece (ICGB)


Veolia Group & Sofiyska Voda

Work highlights

  • Advising Veolia Group & Sofiyska Voda on specific water and sewerage regulatory matters, as well as the Concession Agreement of SofiyskaVoda for provision of water and sewerage services on the territory of Sofia Municipality.
  • Continuing to advise Interconnector Bulgaria-Greece (ICGB) on the project to provide a direct link between the national natural gas systems of Greece and Bulgaria.
  • Advising ib vogt in two ambitious greenfield projects for construction of solar power plants in Bulgaria.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co provides regulatory and licensing advice to its roster of clients, including developers, grid operators and utility providers, among others, on a range of energy-related mandates. The practice, which is also noted for its litigation expertise in this sector, is led by Bogdan Petrov alongside Pencho Stanchev, who ‘provides high-quality strategic advice’ to key clients, including Alpiq Energy, on day-to-day regulatory issues. Zoya Todorova is another key member of the team.

Practice head(s):

Bogdan Petrov; Pencho Stanchev

Other key lawyers:

Zoya Todorova


‘Whenever we have a legal issue in the area of energy and natural resources, we call Pencho Stanchev. He is always up to date with the latest legal developments and provides high-quality strategic advice. He answers our questions quickly and to the point, and he has the talent and patience to explain everything in simple words.’

‘I find their open approach and efficiency really useful in getting things done in a satisfactory and timely manner.’

‘Apart from their high qualifications, all Dimitrov, Petrov & Co’s lawyers I have worked with share a strong passion for what they do. It feels like helping us is not just a job but more of a cause for them. I could only guess how much time and effort it costs them to find the right answers and they always do. One of their main strengths is that they have very well-prepared experts in virtually all areas a business may need legal assistance in.’

Key clients

Alpiq Energy



Windkraft Simonsfeld

Tradenet Varna

Work highlights

  • Representing Alpiq Energy in the insolvency proceedings of a Bulgarian electricity trader.
  • Representing Tradenet Varna in an administrative lawsuit based on allegations by competitors.
  • Advising Alpiq Energia on structuring its long-term power purchase agreements with RES producers.

Dinova Rusev & Partners

Noted for its expertise in renewables projects and mining-related disputes, Dinova Rusev & Partners has expanded its practice into different areas of the energy sector, such as representing AIK Energy in proceedings for electricity trading licensing and issuance of license for gas trading. The team is led by Iliya Grozdanov, who has experience in renewable and conventional energy transactions, and is supported by head of dispute resolution Konstantin Stambolov.

Practice head(s):

Iliya Grozdanov

Other key lawyers:

Konstantin Stambolov; Radoslav Zahariev


‘I consider that the renewable energy practice at DRP law firm is excellent due the following reasons: it has extensive experience in renewable projects in Bulgaria; its responses to needs for legal service are swift and flexible which makes collaboration highly efficient; their professionalism in M&A and local compliance issues is practical and they keep a close eye on the latest change of regulatory attitudes by local authorities.’ 

Key clients

Hyperion Renewables

AIK Energy

Mercuria Trading

Terna Energy

Mitsubishi Heavy Industries

Bulgarian Energy Holding

Kaliakra Wind Power

Assos Capital

Energo Pro

Gorubso Kardzali

AIK Energy

Trade Estates Bulgaria

Gugushev & Partners Law Office

Gugushev & Partners Law Office understands the ‘the complexities of the Bulgarian renewable energy sector’, allowing the team to advise its roster of domestic and international clients on regulatory issues, as well as the development and licensing of energy projects, including wind, solar and biomass, among others. Founding and managing partner Stefan Gugushev jointly leads the practice alongside Kostadinka Deleva, who ‘continues to grow in this field’.

Practice head(s):

Stefan Gugushev; Kostadinka Deleva


‘Detailed knowledge of the Bulgarian energy sector and always up to date. Very effective at fostering their industry network. Well-connected with key players in this sector. A legal practice that is proactive and solutions orientated. I greatly appreciate their work in an advisory capacity. We have worked with them for 10 years through the complexities of Bulgarian renewable energy sector with great success. Due in large part to this team. I cannot rate the team highly enough.’

‘Stefan Gugushev is a top-class lawyer, highly experienced, well versed in handling the full spectrum of energy matters, advising on the development and operation of many energy projects. He always provides us with a professional attitude. Kostadinka Deleva, the firm’s head of energy, is a very responsive and punctual lawyer, always available and ready to help us with different challenges and difficulties. In the last couple of years, she continues to grow in this field, working on our largest and most complex projects.’

‘Gugushev & Partners has been our legal counsel for a couple of years now. We started working with them as we recognised their energy experience, especially in renewable energy. Their client services are impeccable, and their team has excellent commercial awareness. They really know the energy sector, about the legal framework and from a commercial standpoint, which is really helpful when it comes to supporting us in executing our business activities.’

‘We are working with Gugushev & Partners for many years now. The reason for us to continue working with them is the constant top-tier legal service and in-depth energy knowledge. The lawyers in the law firm are responsive, knowledgeable on the large spectrum of legal matters, flexible and the business understanding of the renewable energy sector is of very high quality unique for the market.’

Key clients

Hareon Solar Technology

European Energy

China Development Bank

Alpiq AG

El Bonus Ltd.

Construction Management Group

Urbasolar SAAS

AOT Energy Belgium

Trakya MT

Energo BR

Ecozid Invest


Work highlights

  • Advising European Energy in connection to the acquisition of wind farm projects located in Northeastern Bulgaria with an approximately planned total capacity of 170 WTGs.
  • Advising Alpiq AG on an ongoing basis on all legal matters in connection to their Bulgarian portfolio in the renewable energy sector.
  • Advising Urbasolar in connection to the operation of their solar park in Bulgaria.


Kinstellar handles a range of corporate, financing and regulatory mandates in the conventional and renewable energy sectors, and continues to build on its litigation capability following the successful defence of Direct Petroleum Bulgaria in an energy dispute with the Bulgarian state. Managing partner Diana Dimova jointly leads the team alongside counsel Mladen Minev, who has experience in representing energy investors in litigation proceedings.

Practice head(s):

Diana Dimova; Mladen Minev

Other key lawyers:

Atanas Mihaylov


‘The team is highly skilled and knowledgeable – they have great professionals across all practices (they have been advising us on energy, M&A, regulatory, financial matters). I would say that they stand out from other law firms we use and currently we assign all legal matters to them alone.’

‘Diana Dimova, Mladen Minev and Svilen Issaev are very knowledgeable and responsive. I would say they are really great professionals. They are very attentive to details and business oriented, which is something every every business person would like to see. There have been many other people involved in our projects who have done a great job as well.’

Key clients



Direct Petroleum

Dubovo Energy

Simmons & Simmons

DKV Euro Service

DXT International

MET Group

Norton Rose Fulbright LLP

European Bank for Reconstruction and Development

Eurasian Development Bank

Work highlights

  • Advised DXT Commodities on the Bulgarian gas market regulation and registration on the Bulgarian Gas Exchange.
  • Providing regulatory advice to Meridiam in relation to the concession of Sofia Airport, including support with energy and other utilities and environmental matters as well as with the contractual relations with energy suppliers and energy grid operators.
  • Advising DKV Euro Service on the new local regulatory requirements applicable to fuel and natural trading.

Kinkin & Partners

Counting Belvi, Hydroenergy and LimeRock among its roster of clients, Kinkin & Partners focuses on licensing and contractual energy-related disputes. Practice leader Adriana Nacheva, who has over 20 years’ experience in handling energy and construction projects, is supported by senior associates Silviya Spasova and Siyana Veleva.

Practice head(s):

Adriana Nacheva

Other key lawyers:

Silviya Spasova; Siyana Veleva; Dilian Kolev


‘The team has always been very client oriented, amd the lawyers pay special attention to every detail of my cases. The team is very aware of the changes in the industry I am working in. Because of their great knowledge in the field they were able to provide me with the best possible solutions and also offer me many new options that were appropriate for my work.’

‘The main contact lawyers at the firm were Adriana Nacheva, Silviya Spasova and Dilian Kolev. All of them possess a great work ethic and are very diligent in their work. Whenever I had questions or needed to discuss the case with them, they were very polite and understanding to my needs and preferences as a client.’

Key clients


Hydroenergy Association


Laurea Nadezhda


Work highlights

  • Providing legal assistance to Hydroenergy Association in connection with a newly adopted subdelegated legislation, an ordinance on the surface water usage.
  • Assisting with analysing the legal arguments in favour of Hydroenergy, that could be used as an argument against the refusal of the Director of BDEAR to prolong the term of a water extract permit.
  • Providing legal advice to Belvi regarding the validity of a construction permit for a mini hydro power plant on river Sugarevska.

Tsvetkova Bebov & Partners

Tsvetkova Bebov & Partners advises both domestic and international companies on corporate, finance, public procurement and commercial mandates arising out of the gas and electricity sectors. The practice is solely led by managing partner Irina Tsvetkova, following the departure of senior associate Aleksandar Aleksandrov in September 2021 to Komarevski Dimitrov & Partners, Attorneys-at-Law.

Practice head(s):

Irina Tsvetkova

Key clients



DB Cargo Bulgaria

Gazo-energiino druzhestvo Elin Pelin

PVB Power Bulgaria

NIS Petrol

Overgas Mrezhi

Toplofikatsiya Razgrad

Work highlights

  • Advising Arkad Consortium on the implementation of the biggest public procurement in Bulgaria.
  • Advising DB Cargo Bulgaria on the conclusion of power purchase agreement.