Next Generation Partners

Rising Stars

Energy and natural resources in Bulgaria

Boyanov & Co.

The energy and natural resources department at Boyanov & Co. is noted for its capabilities in large renewable energy transactions and their financing, as well as regulatory matters and more recently advice on nuclear power projects. The firm excels across these mandates due to a multidisciplinary approach, wherein the firm draws on expertise across the finance, M&A and real estate practices. Alexander Chatalbashev is reputed for his ‘wide ranging experience and solid understanding of the Energy sector’ which covers M&A, regulatory and litigation matters. Nickolay Nickolov and Damian Simeonov also advise on the energy-related real estate and construction, and financing matters respectively.

Practice head(s):

Alexander Chatalbashev

Other key lawyers:

Damian Simeonov; Nikolay Nickolov


‘Alexander Chatalbashev is an extremely knowledgeable and capable lawyer in the field of underground resources and energy law. He is easily available and adapts quickly to new situations. He is definitely a top tier practitioner in his field of expertise.’

‘The Boyanov team is quite accomplished in Bulgarian Energy Laws and has good connections within the Bulgarian administration.’

‘Alexander Chatalbashev has wide ranging experience and a solid understanding of the Bulgarian Energy Sector.’

‘The law firm have a very good response time (meet particular deadlines) and work well on complex multi-jurisdictional transactions.’

‘I would highlight the courtesy and willingness of their lawyers. In particular, Alexander Chatalbashev was approachable and professional throughout our correspondence during the whole transaction.’

‘Very well-educated professionals’

‘Alexander Chatalbashev – excellent qualification.’

Key clients

World Bank

Actis/Rezolv Energy

Heidelberg Materials / Devnya Cement

Renewable Energy Systems Ltd


J.P. Morgan AG, BNY Mellon Corporate Trustee Services Limited,

DSK Bank AD / OTP Bank plc


Ideal Standard – Vidima AD

Copenhagen Green Energy A/S (Swiss Green Energy Holding AG)

EVN Elektrosnabdyavane EAD, Elektrorazpredelenie Yug EAD (member of the EVN Group, Austria), EVN Trading South East Europe EAD

Ming Yang

Dundee Precious Metals, Inc.

Work highlights

  • Advised Devnya Cement AD (part of Heidelberg Materials Group) on the implementation of the project ANRAV-CCUS, an innovative and pioneering stakeholder supported CCUS (carbon capture, utilisation and storage) project to become the first CCUS-cluster in Eastern Europe.
  • Advised Rezolv Energy (part of Actis group) on the acquisition and development of the largest so far in Bulgaria PV project with a capacity of 229 MW.
  • Advised DSK Bank AD on the financing of the construction of one of the biggest Bulgarian solar parks, located near the town of Dupnitsa, Southwest Bulgaria.


CMS‘ energy team is highly regarded for its breadth of expertise ranging from the construction and purchase of renewable energy facilities, environmental questions, public procurement processes and energy related arbitrations. Among its client roster are various Bulgarian and international energy and infrastructure companies including nuclear energy companies, oil and gas companies and investors in the area. The practice is jointly led by Kostadin Sirleshtov and Dimitar Zwiatkow . Sirleshtov is head of energy and climate change and is an expert in various energy sources, such as nuclear, renewables and oil and gas, while Zwiatkow focuses on projects, PPPs and public procurement along with renewables.

Practice head(s):

Kostadin Sirleshtov; Dimitar Zwiatkow

Other key lawyers:

Denitsa Dudevska; Diyan Georgiev; Borislava Piperkova


‘CMS are professional, trustworthy and they understand the business and it’s problems. This makes it simply easy to work with them!’

‘High level involvement from the team members and management. Smooth and easy communication; high commitment to the assigned task. Excellent knowledge in the specific subject and the specifics of the Bulgarian legislation.’

‘We mostly worked with Mr. Kostadin Sirleshtov (Managing Partner) and Mr. Diyan Georgiev (Associate). Both team members were very committed to the specific task that was asked by us despite the urgent character of it and their professional workload. They showed high expertise with the topics in the area of energy efficiency and financing such projects. This distinguish them from the other companies in the energy topics.’

‘Kostadin Sirleshtov, Borislava Piperkova are both solution-oriented, they give mutual trust & respect and are highly engaged.’

‘A great team of professionals, with extensive expertise in the oil & gas industry. They provide very prompt and client-oriented advice in relation to our offshore oil & gas project in Bulgaria.’

‘Kostadin Sirleshtov (Partner) – exquisite professional, extensive expertise in the oil & gas sector, very client-oriented, strong connection with relevant authorities.’

‘Denitsa Dudevska (Senior Associate) – high quality professional, very knowledgeable in the oil & gas legislation, provides high standard legal advice and very promptly.’

Key clients

YGY Industries


RES Technology and/ ASM-BG Investments

Nikan Agro

Aksa Enerji

Vestas Development

Astronergy Solar Development

EKO Bulgaria

Enka İnşaat ve Sanayi A.Ş.

Work highlights

  • Advised YGY Industries on the sale of the 229-megawatt St. George greenfield solar plant in Bulgaria’s Silistra municipality to Rezolv Energy.
  • Advised Vestas Development on the due diligence of a large greenfield wind portfolio, negotiations with local developers and acquisition of two local projects of 600 MW.
  • Advised Nikan Agro on the acquisition of 100 MW green field photovoltaic project and its licensing.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov is well reputed for its broad expertise in the energy and natural resources field, where the team advises on domestic and multi-jurisdictional energy projects related to pipeline development and power generation. Leading the practice is Milan Pandev, who has extensive experience in the power, oil and gas sectors and has been involved in landmark energy projects while Georgi Gouginski specialises in energy law, natural resources, utilities and environmental protection. Anton Krustev and Maya Mircheva further strengthen the practice in the areas of PPPs and real estate and energy projects respectively. Radoul Iliev left the firm in August 2023.

Practice head(s):

Milan Pandev; Georgi Gouginski

Other key lawyers:

Anton Krustev; Maya Mircheva

Key clients

Axpo Bulgaria AD

ContourGlobal Maritza East III

China Development Bank (CDB)

NEPI Investment Management SRL

Vitol Gas & Power B.V.

H1 Venture Swiss Holding AG

ABB Asea Brown Boveri Ltd.

Shanghai Sensheng Assets Management Centre (Limited Partnership)

ContourGlobal Maritza East III


Work highlights

  • Advised ContourGlobal Maritza East III as a lead counsel on a variety of legal issues pertinent to power generation development and supply. Most recent mandates encompass development of solar PV projects and procurement advice related to the maintenance of the thermal power plant.
  • Acted as legal counsel to Axpo Bulgaria AD in relation to its overall activities in Bulgaria, including legal counselling on corporate law matters, energy regulatory, competition law matters and in relation to trading in power.
  • Advised ABB Asea Brown Boveri Ltd. in relation to nuclear liability in the event of a nuclear incident consisting in a release of radioactivity from a nuclear facility, caused by contractor’s component or services.

Kambourov & Partners

Kambourov & Partners offers both advisory and litigation services across a broad range of energy mandates, among which are entry into the Bulgarian market, energy related transactions, renewable energy projects and the related regulations. A notable client of the firm is Alpiq who mandated the firm to advise on the sale of its Bulgarian assets to an Austrian-based buyer. Practice head Stefan Tzakov is highly regarded in this space and has extensive experience in energy related disputes, frequently appearing before Bulgarian courts, commissions and ministries, and is supported by ‘standout‘ deputy head Irena Petkova.

Practice head(s):

Stefan Tzakov

Other key lawyers:

Irena Petkova; Kristian Ichev; Kiril Ivanov


‘Kambourov & Partners is a highly specialized and a recommended energy regulatory and energy trading law firm in the CEE region with professional, experienced and exceptionally service-oriented professionals.’

‘Fast and precise work, experience in dealing with authorities, service minded.

‘Stand out team members: Irena Petkova and Stefan Tzakov.’

Key clients

CNNP Rich Energy Co. (CNNCHN)

Mitsui Bussan Commodities SA

PGNiG Supply & Trading GmbH


European Energy A/S

Gray Stone OOD

Respect Energy, S.A.

Shanghai Electric Power

Mercuria Group

Holding Slovenske elektrarne d.o.o.

State Oil Company of the Azerbaijan Republic (SOCAR)


Alpiq Energy SE & Alpiq Energia Bulgaria EOOD

Alpiq AG

Danske Commodities

Toplofikacia Ruse

Correggio Consulting

United Group

ČEZ, a.s.

RWE Supply & Trading

Citygas Bulgaria

European Federation of Energy Traders (EFET)

GEN-I d.o.o.

Work highlights

  • Retained by long-standing client Alpiq to advise and assist on the sale of its Bulgarian assets. The transaction covered three separate entities owned by Alpiq in Bulgaria: (i) the entity behind one of the largest wind farms in Bulgaria (72.5 MW Vetrocom wind power plant near Kazanlak); (ii) operation and maintenance services provider Alpiq Wind Services; and (iii) electricity trader Alpiq Energy Bulgaria. Prepared a vendor due diligence report and advised on all aspects of the sale and the transaction documents, including corporate, real estate, regulatory and licensing regimes, etc.
  • Advised SOCAR (the State Oil Company of Azerbaijan) on the obtaining of a gas trading licence.
  • Assists CNNCHN on a Bulgarian onshore wind power (54MW, in development phase) acquisition project.


Schoenherr‘s interdisciplinary approach means the firm is well equipped to offer real estate, construction, banking and corporate advice when advising on energy matters. The team advises on the development and implementation of renewable energy projects, PPPs related to energy infrastructure, as well as M&A and regulatory matters for domestic and international stakeholders, companies and governmental bodies. Stefana Tsekova leads the practice and covers the full spectrum of energy related advice, providing expertise on some of the most significant energy projects in Bulgaria. Dimitar Kairakov joined Tsekova as co-practice head in early 2023 bringing considerable expertise in electricity and natural gas trading projects. Marin Demirev also joined the team in early 2023.

Practice head(s):

Dimitar Kairakov; Stefana Tsekova

Other key lawyers:

Marin Demirev; Alexandra Doytchinova; Katerina Kaloyanova-Toshkova


‘Quick, efficient and transparent.’

‘Dimitar Kairakov: Handles any challenge, everyday or emergency, with skill and dedication.’

‘Schoenherr Bulgaria has a strong record in the energy sector. They are very responsive, and it is extremely easy to work with them. The team is aware of all the issues in the energy market in Bulgaria and is able to get to the essence of a matter in a short time.’

‘Dimitar Kairakov understood the assignment very well and provided advice on complicated legal matters in a way that is easy to understand by the commercial team. He delivered high-level strategic advice in a simple and efficient manner which is often difficult to find on the legal market.

Key clients

EBRD, Beneficiary: Ministry of energy



Photon Energy


Oiltanking GmbH

Adarna OOD

Liechtenstein Group


European Commission

MET Group

OMV Bulgaria

Edison Italy

Woodside Energy

UniCredit Bulbank AD

Société Générale Expressbank


Raiffeisen Bank International AG

Danske Commodities

Work highlights

  • Assists EBRD and the Ministry of Energy on the implementation of Investment 6 (1.4 GW RES and Batteries Project) and Investment 8 (6 GW storage – RESTORE Project) under the Recovery and Resilience Plan with total value of over 1 billion EUR, as well as on improvement of the legal framework to facilitate the RES and storage growth in the country.
  • Advised RGreen Invest, on a partnership with RENALFA Solarpro Group to accelerate the deployment of renewable energy across Eastern Europe. Our team advised the investors on their EUR 140m equity investment in a joint venture in the legal form of an Austrian limited liability company (GmbH).
  • Advised Edison on the Bulgarian corporate and regulatory law aspects of the implementation of the gas interconnector between Bulgaria and Greece.

Wolf Theiss

Wolf Theiss has broad expertise - advising on  on renewable energy systems projects in Bulgaria and their financing, implementing EU law and energy regulations and assisting companies with their entry into the Bulgarian gas and electricity trading markets. The firm is well placed to advise on matters covering several jurisdictions and counts local and international developers, investors, banks and financing entities among its clients. The team is led by Anna Rizova  who has in depth knowledge of the energy regulatory framework, and Radoslav Mikov who has over 23 years’ experience in the electricity and natural gas sectors. Oleg Temnikov further strengthens the practice and advises on complex energy projects.

Practice head(s):

Anna Rizova; Radoslav Mikov

Other key lawyers:

Oleg Temnikov; Katerina Novakova


‘This practice features a strong team of professionals that have an extensive knowledge of the Bulgarian market. The team’s strengths are their problem-solving ability, proactivity to find the best solutions and exceptional support to their customers.’

‘We value Radoslav Mikov’s professionalism, compliance with the deadlines and networking ability in order to speed-up the necessary processes. Mr. Mikov can also rely on a team of professionals capable of best supporting the business activities.’

‘One of the benefits of working with Wolf Theiss and Radoslav’s team is their experience and expertise based on international practice, combined with their local experience and knowledge of the peculiarities of the Bulgarian market and the local legislation. Another important facet of their service is that they managed to keep the process of renegotiation amicable and operational, thus helping us preserve our business relationship with our counterparty to the extent possible.’

‘We worked closely with partner Radoslav Mikov and counsel Oleg Temnikov. Radoslav is very knowledgeable and highly experienced in energy matters. He has a diverse profile based on his long-term experience in solving complex energy matters, but also being involved in many energy infrastructure projects of different type and magnitude. Oleg on the other hand was instrumental in handling the litigation matters expertly and efficiently.’

‘Exceptional knowledge of the energy market in Bulgaria. Fast and efficient execution.’

‘Wolf Theiss’ energy team in Bulgaria is highly experienced and very motivated. They have strong expertise in energy litigation matters, as well as in utilities. Radoslav Mikov and Katerina Novakova have supported us and advised on different complex and complicated matters both locally and cross-border.’

‘Radoslav Mikov and Katerina Novakova are both are great lawyers, but also leading experts in the natural gas and electricity sectors with established practices, names and in debt knowledge of the regulation and practical implications of the sector. Both Katerina and Radoslav have a very practical grasp of energy legal matters, which is very helpful when navigating complexities of the local legislation.’

‘Radoslav Mikov, partner is a very knowledgeable and experienced lawyer, with thorough expertise in Bulgarian energy law and energy projects. He also has a very practical business approach, which helps finetune legal solutions to our business needs and objectives.’

Key clients





MET Group

Micronix Group

Subm 2023 Gas licensing

Dredging International NV

Subm 2023 Electricity licensing

CTP Invest

Sun’R International

AIK Energy




Electrohold Bulgaria

Work highlights

  • Advised electricity company Electrohold Bulgaria on the conclusion of a 10-year green power purchase agreement with Yettel and CETIN, to support both companies in switching almost entirely to renewable energy resources.
  • Advised Renalfa IPP on the takeover of the operational 72.5 MW Vetrocom wind park from Swiss energy company Alpiq Group, together with two more companies.
  • Advising developer Belozem Solar Park 3, a joint venture between SyZyDzhy and Electrohold Bulgaria, on the development of a single-connection-point renewable project – the 123,4 MWp PV Verila project in Bulgaria.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria has a niche focus on public sector consultancy, where ministries, state agencies and public bodies turn to the firm for assistance on the drafting of energy legislation and implementing EU law. The firm also counts national and foreign private investors in its client roster and advises on a variety of energy projects. Founder and managing partner Andrey Delchev leads this practice alongside Magdalena Valova who has extensive experience of international projects. Vesselin Sharov who joined the firm in February 2023 has a focus on both banking and finance and energy.

Practice head(s):

Andrey Delchev; Magdalena Valova

Other key lawyers:

Vesselin Sharov


‘Since 2019, Andrey Delchev and Partners – Eurolex Bulgaria has continuously been providing to us expert legal advice, including court representation, on a particularly complex legal matter. We came to value greatly their reliability, responsiveness, and resourcefulness throughout their work on the matter. What we find special about the firm is their considerable and wide-raging experience in the energy and natural resources sectors. We also greatly value the expertise demonstrated by their lawyers in so many distinct and specific legal fields: real estate issues, state property, privatization procedures, the regulatory requirements for the provision of wastewater and sanitation and electricity services, contractual disputes, etc.’

‘I have found Magdalena Valova to be extremely competent, talented, well-prepared, and professional. Her expert advice has been instrumental for a number of successful deals we have entered into throughout the years.’

‘My overall impression of the team is entirely positive.’

Key clients

Assarel-Medet JSC


Bulgarian Petroleum and Gas Association

Electrohold Bulgaria EAD

Energy and Water Regulation Commission

National Trust EcoFund



Hydrolia AD

Work highlights

  • Advises the Lukoil Group in Bulgaria in two set of high-profile national investigations regarding alleged abuses of dominant position on the market in the form of refusal to grant access to essential infrastructure and margin squeeze.
  • Represents the national energy regulator – the Energy and Water Regulatory Commission – in a dispute against the National Electric Company EAD (NEK EAD). The dispute relates to the first ever decision of the regulator sanctioning market manipulation in the Bulgarian wholesale energy market.
  • Advised the Bulgarian Petroleum and Gas Association on the applicable legal rules for fuel export and assisted the client in drafting proposals for amendment and supplementation of the applicable EU energy legal framework.

Georgiev, Todorov & Co

Georgiev, Todorov & Co combines expertise in energy infrastructure and development projects with litigation, where it frequently advises renewables producers, gas and oil refineries and natural resource companies on energy related disputes. The practice is co-led by founding partner Ivan Todorov and Nikolay Lazarov, the latter is considered a ‘high-profile lawyer in the field of energy and natural resources’.

Practice head(s):

Ivan Todorov; Nikolay Lazarov

Other key lawyers:

Arno Mamasyan; Tsvetelina Dimitrova; Dobrina Pavlova


‘Georgiev, Todorov & Co. has very strong energy and natural resources practice and we are extremely satisfied with our cooperation. The firm has an outstanding team of professionals with strategic thinking and excellent knowledge and experience in the field of energy. It is our legal advisor for many years, and it has proved to be very successful in advising in the field of energy.’

‘Nikolay Lazarov, who is the managing partner, stands out as excellent professional with sharp thinking and big knowledge in the field of energy and natural resources.’

‘Arno Mamasyan is also particularly strong in energy. He has enormous experience and outstanding knowledge in the matter. He is very skillful and dedicated lawyer.’

‘I can only highly recommend the firm and its energy practice. The firm has vast experience and knowledge in energy related regulations. It has also team of professionals, who are very well prepared in the matter.’

‘Georgiev, Todorov & Co. has strong expertise and successful track record in energy and natural resources and the team we work with is outstanding in terms of knowledge and capacities. It knows in depth the regulations in the field of energy and the hidden side paths to solve challenging problems. The firm has done great work, and the collaboration is extremely precious to us as our trusted partner.’

‘Ivan Todorov is an absolutely outstanding lawyer with great knowledge and understanding of law and its business impact. In addition, Nikolay Lazarov also stands out as a high-profile lawyer in the field of energy and natural resources. Tsvetelina Dimitrova stands also out as great professional. Dobrina Pavlova is another lawyer we work with, very knowledgeable, young and promising lawyer.’

‘Georgiev, Todorov & Co. has impressive practice in Energy and natural resources. We are impressed with the expertise and professionalism of the team, and we are very satisfied with work done. The firm stands out with its ability to think few steps ahead, its professional attitude and outstanding expertise and knowledge. Highly recommend their energy and natural resources practice!’

‘Our legal advisor from the law firm is the junior associate Dobrina Pavlova. She is young professional, but very experienced in the field of energy and we are very satisfied with her work. A promising professional with skills, knowledge and positive qualities.’

Key clients

Albena AD

Balkan AD

Belozem Solar Park 3 EOOD

Dundee Precious Metals Chelopech

Galabovo Solar BG EOOD

Galaxy Re

Grand Energy Distribution EOOD

Karnobat Energy EOOD

Hydroenergy Association

Hydroenergy Construction EOOD; KK Hydro OOD

Thermal Heating Plant Bobov Dol

Thermal Heating Plant Maritsa 3 AD

Thermal Heating Plant Ruse AD

Trakia MT Solar EOOD

Union of the producers of Green Energy

Asarel Medet JSC

Bulgarian Chamber of Mining and Geology/Euromax Services

Toplivo Corporation AD

Toplofikatsiya Gabrovo

Work highlights

  • Advises Balkan AD in the process of obtaining the first ever issued license for distribution of electricity in a closed electricity distribution grid in Bulgaria. Thus, in July 2023, the territory of the industrial park was removed from the license territory of the respective distribution operator.
  • Advising Galaxy RE and Galabovo Solar BG on the procedure for obtaining of licenses for the activity production of electricity for photovoltaic power plants with total capacity of 300 MW, including analysis of the relevant legal framework, drafting of business plans, and on supplying the Energy and Water Regulatory Commission with the relevant core documents for the projects.
  • Represents the interests of the Hydroenergy Association in the appeal of newly adopted Ordinance for the Use of Surface Water (the ‘Ordinance’) before the Supreme Administrative Court.

Jordanov, Ignatov, Ivanov Law Firm

Bulgarian state bodies and public entities frequently engage the experienced energy department at Jordanov, Ignatov, Ivanov Law Firm for legal counsel during high-end energy projects, with a key client being the Ministry of Energy. The team led by Ivan Jordanov and Rumen Ignatov , is praised by clients for its ‘extensive expertise in PV solar projects.’. Svetlana Valeva further strengthens the practice with her focus on renewables and EU regulations.

Practice head(s):

Ivan Jordanov; Rumen Ignatov

Other key lawyers:

Dimitar Ivanov; Svetlana Valeva


‘Mr. Rumen Ignatov and Mr. Dimitar Ivanov were very helpful in finding very good solutions to difficult legal cases.’

‘Their legal team comprises seasoned professionals with extensive knowledge and experience in the renewable energy sector. Their services are consistently delivered with a personal touch and attention to detail. Without a doubt, we intend to engage JII Law Firm for all our future PV projects, confident that their expertise and dedication will continue to be instrumental in our success.’

‘Rumen Ignatov and Svetlana Valeva provide unwavering commitment, attention to detail, and the ability to provide effective business solutions. We greatly appreciate their expertise in navigating the complex regulatory landscape surrounding PV projects in Bulgaria. Their legal guidance and support at every stage have been instrumental in our achievements.’

‘Their work has been impressive – they bring deep experience and knowledge to the table. JII Law Firm has been instrumental in structuring, financing, and implementing our energy projects. Their commitment to our success is clear, and we highly recommend JII Law Firm for legal counsel in the renewable energy sector.’

‘Svetlana Valeva’s communication skills are outstanding, and she has proven herself to be a comprehensive legal professional. Her expertise in renewables and commitment have played a crucial role in our successful partnership with JII Law Firm. We highly value her contributions and are grateful for her exceptional service.’

‘JII stands out as one of the foremost law firms within the Bulgarian energy market. Their energy law department boasts extensive expertise in PV solar projects. We express our utmost satisfaction with the legal support received and firmly believe that the success in the project is due to the remarkable efforts of the legal team at JII.’

‘Rumen Ignatov and Svetlana Valeva exemplify excellence in the field of energy law, possessing profound theoretical knowledge and a keen business acumen. Notably, Svetlana demonstrates unwavering diligence in her work, ensuring punctuality in meeting deadlines while upholding great attention to detail and maintaining the highest standards of quality.’

‘JII’s Energy Department comprises of exceptional team of experts. Their comprehensive legal services for PV projects, characterized by their commitment to high standards, perfectly align with our requirements. In particular, we must highlight the senior associate Svetlana Valeva, whose exceptional knowledge of solar projects and competence in regulatory matters have been indispensable. Her expertise has been a guiding force in navigating the complex landscape of solar project regulations.’

Key clients

Bulgarian Ministry of Energy

National Electric Company

Bulgarian Energy Holding

Varna Logistics EAD

Polaris 8

Vicinity OOD

Miltopia OOD

Solay OOD

Industrial Zone Pleven OOD

SOGE Invest


Valevi Trade


Work highlights

  • Assisted the Ministry of Energy on all legal aspects concerning the termination of a long-term concession agreement with the construction company European Roads for extraction of inert materials.
  • Advised the Ministry of Energy on the re-negotiation of the 1999 concession agreement of the Chelopech underground gold-copper mine.
  • Advising on the development of a 20 MW PV project situated within the Industrial Park Pleven premises.


Kinstellar is noted for its capabilities advising on PPPs and greenfield projects, including high-end solar and wind energy projects, next to which they frequently advise on regulatory issues in the energy sector across multiple jurisdictions.  The global firm draws on the expertise of its practitioners in various practice areas, notably finance, real estate and corporate to provide a full-service offering to its energy clients. Diana Dimova and Mladen Minev are joint practice heads, the former focuses on corporate and M&A aspects and the latter handles the full spectrum of energy regulation and policy.

Practice head(s):

Diana Dimova; Mladen Minev


‘My overall experience with the Kinstellar team has been exceptionally positive and I would not hesitate to recommend their services. They put in the time and effort necessary to build a strong strategy and are dedicated to achieving the best possible outcome.’

‘Mladen Minev’s depth of knowledge is truly impressive. Throughout our work together he consistently demonstrated a thorough understanding of the complex regulations, as well as of the industry dynamics that govern the energy sector. I am impressed with his commitment and outstanding problem-solving skills.’

‘Kinstellar’s team demonstrates top-class legal knowledge in the field of energy and natural resources matters. Their experience in the sector, combined with a business-oriented approach, helps them provide tailored solutions to very complex matters. They handle challenges with a positive attitude and high efficiency.’

‘When it comes to complex projects Counsel Mladen Minev is the go-to lawyer for our firm. With his in-depth understanding of the energy sector and superior industry knowledge he brings every project to a successful conclusion. He has high appreciation for client objectives and is very easy to communicate with.’

Key clients

Direct Petroleum Bulgaria

Private Equity Fund GROWTH

Winslow Solar 2022 AD

Enery Group


SOF Connect AD

Work highlights

  • Advised renewable energy investor Private Equity Fund – Growth on a 10-year power purchase agreement (PPA) between an industrial consumer and a renewable energy producer for direct purchase of green energy.
  • Advised Winslow Solar 2022 AD on the acquisition of a 36 MW photovoltaic power station project which is currently under development.
  • Advised Enery on the establishment of a local electricity trading business.

Penkov, Markov & Partners

Penkov, Markov & Partners is ‘well-known as leading consultants’ in the energy and natural resources sector, where the team has a proven track record advising on energy related project development, for example renewable energy systems (RES) or PV projects and infrastructure, energy related litigation as well as having a hand in the development of legislation in the sector. Vladimir Penkov has extensive knowledge in energy law; Nikolay Voynov specialises in cross-border energy projects and Atanas Valov advises power generation and distribution companies - combined they lead the team.

Practice head(s):

Vladimir Penkov; Nikolay Voynov; Atanas Valov

Other key lawyers:

Pavel Tsanov


‘The team has a very deep knowledge in the water regulation of hydro power plants. They are always accessible and ready to listen to our problems, even if we have to make an emergency call on short notice. They deliver quick solutions which work in our favor.’

‘They have very significant experience with renewable energy and are one of the most recognised offices in the market in this niche.’

‘The negotiations, the due diligence and the whole deal were led by Atanas Valov, who aside from his real estate knowledge has also significant experience with solar energy. He has been vital for saving the deal on a few crucial moments and showed pragmatism, problem-solving approach, and mediation skills in order to achieve our goals. Nikolay Voynov, who is very prominent member of their Energy team, helped on the regulatory matters and the communication with the grid operator, where he showed high level of professionalism.’

‘Since the beginning of the development of the renewable energy in Bulgaria, Penkov, Markov & Partners have become well-known as leading consultants in that field. In the past years their team successfully participated in the realization of many projects and supported the ongoing business of others. Among other things, they also have excellent team of experts who are constantly active in public discussions on the energy development of the country.’

‘Atanas Valov is also very helpful to us in the field of energy law services. Apart from his experience in the energy related litigation, he also became a well-known practitioner in the advisory of ongoing energy projects. Nikolay Voynov, a well-known energy expert in the country, supported us many times by providing compliance and regulatory advisory services.’

‘Penkov, Markov and Partners consists of highly experienced, smart and capable individuals with in-depth knowledge and expertise in the field of Energy and natural resources.’

‘We’ve worked with Atanas Valov and Pavel Tsanov and we highly recommend them – both very intelligent and capable professionals, always available and ready to help and answer all of our questions. It is a great pleasure to work with them.’

Key clients

EURA Energy (subsidiary of Eurowind Energy and Renalfa)

Mondi Stambolijski EAD

Zlatna Panega Cement AD

Energy MT EOOD

Knauf Bulgaria EOOD

Eurowind Energy A/S (former EnergiMidt Renewables A/S), Denmark

Minstroi Holding Group

Aenerg Group

Solar group

Global Biomet EOOD

Akuo Energy

GD Capital Management AD

Marvik Pastrogor EOOD

Dana Bulgaria EOOD

CEP Renewables SL



Eurostar OOD

Work highlights

  • Advised EURA Energy on the development of a photovoltaic plant project with a total capacity of 237 MW (with a potential for increase to up to 320 MW) near the village Tenevo.
  • Advised more than 60 RES producers on tort cases against the state for unlawfully collected fees with a total value of more than EUR 5,500,000.
  • Advised one of the leading Bulgarian electricity traders Energy MT on the appeal against the regulator’s decision for imposition of fine under the first REMIT case in Bulgaria on alleged market manipulation according to the provision of Art. 5 of REMIT.

Arsov Natchev Ganeva

Arsov Natchev Ganeva regularly advises on various large and complex projects across gas, water, electricity and renewable energy, including advising governmental institutions on related infrastructure projects. The team is led by Svetlana Ganeva, who is an expert in concessions and PPPs and Jivko Rokov, who is well versed in energy and infrastructure transactions.

Practice head(s):

Svetlana Ganeva; Jivko Rokov

Other key lawyers:

Yordan Terziev

Key clients

Veolia Group & Sofiyska Voda

Interconnector bulgaria-greece (icgb ad),

ib vogt GmbH

Toplivo AD

Air Liquide

AS 24 Bulgaria


Work highlights

  • Advises Veolia Group & Sofiyska Voda AD on specific water and sewage regulatory matters as well as the Concession Agreement of Sofiyska Voda AD for provision of water and sewage services on the territory of Sofia Municipality.
  • Continuously advises ICGB on the overall development of the gas pipeline project providing a direct link between the national natural gas systems of the Republic of Greece and the Republic of Bulgaria.
  • Advises ib vogt GmbH on a broad range of legal and regulatory matters associated with the development, design, construction and regulatory certification of two ambitious greenfield solar generation projects in Bulgaria.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co advises on renewable energy matters, regulatory compliance and the financing and development of large-scale energy projects. Energy related disputes are another cornerstone of the practice group, which is led by Pencho Stanchev, an expert in energy disputes and regulatory litigation.

Practice head(s):

Pencho Stanchev

Other key lawyers:

Sylvina Beleva; Alexander Georgiev


‘We have been pleasantly surprised when we started working with the colleagues from DPC. They have deep understanding of the energy sector, excellent practical legal skills, and are very diligent. An excellent combination!’

‘We are working mostly with Pencho Stanchev. He is an excellent lawyer with litigation expertise. We are very impressed how he handles extremely complex energy cases, including matters which are not well known in Bulgarian legal practice.’

Key clients

Mareshki group of companies

ABDS Invest

Energy Gate SRL

E100 International Trade Sp. z o.o.

European Wind Farms Bulgaria ApS

Windkraft Simonsfeld BG EOOD

Mareshki Nedvizimi Imoti


Mareshki group of companies

ALRO SA (part of Vimetco NV group)

Digitel OOD

Tradenet Varna

ALPIQ Energia Bulgaria EOOD

Work highlights

  • Advising Mareshki group of companies with regard to planned investment of over EUR 100 mln in renewables.
  • Advising European Wind Farms Bulgaria ApS, one of Europe’s leading energy companies regarding the development of a solar power plant on a territory of 1 000 000 sq.m. located near Sofia.
  • Advised Energy Gate SRL on obtaining a licence for trading with electricity from the Bulgarian Energy and Water Regulatory Commission and registration as a market participant with the Bulgarian transmission system operator (ESO) and the Independent Bulgarian Energy Exchange (IBEX).

Dinova Rusev & Partners

Dinova Rusev & Partners advises across the renewable energy, oil and gas, utilities and emerging technologies and has expert knowledge on energy regulation. Iliya Grozdanov leads the practise and is highly regarded in this sector.

Practice head(s):

Iliya Grozdanov


‘The company took a very short time to fully understand the specific of the problem, gathered a team of professionals that took a look on the matter from different point of views, some of which even we did not think of. The final consultancy was complete and comprehensive. 

‘The individuals we have worked we personally were very straight to the point professionals.’

‘The uniqueness of their practice lies in its exceptional blend of legal prowess, innovation, and client-centered service. Potential clients would be keen to know about their team’s deep legal expertise, diverse strengths, and collaborative approach, ensuring comprehensive solutions to their legal needs.’

‘The individuals we collaborate with, stand out through their unparalleled dedication, expertise, and client-centric approach. What sets them apart from competitors is their unwavering commitment to excellence and their ability to tailor solutions to meet each client’s unique needs. Their qualities of integrity, innovation, and proactive problem-solving have been invaluable in our collaborations.”’

‘We have a really good impression on the team from DRP. This is mainly based on the always professional and very fast feedback and analysis by them. In challenging and dynamic times, it is crucial to act quickly and well prepared. We also value DRP Legal’s expertise in the energy sector. The insight into different positions of the value chain enables professional and efficient support.’

Key clients

Ignitis renewables

Taalery Energia

Armaco Energy

United Group Solar

State Power Investment Corporation China


Mann energy

Kaliakra Wind Power

Kellag (windfarm Balchik)


Work highlights

Gugushev & Partners Law Office

Gugushev & Partners Law Office possesses a ‘deep knowledge of the energy business’, which is why clients turn to the firm for advice on the development, construction, licensing and operation of energy projects, among which are wind power plants, solar parks and water projects, as well as for their regulatory expertise. Practice head Kostadinka Deleva advises on changes to energy legislation and counts high-profile international firms among her clients. Managing partner Stefan Gugushev is a key member of the energy team.

Practice head(s):

Kostadinka Deleva

Other key lawyers:

Stefan Gugushev; Mihaela Dimitrova


‘What makes them special is their deep understanding of the energy sector, which is crucial for addressing our legal needs. Their team’s ability to navigate the complex energy regulatory landscape and offer personalized legal solutions has been extremely valuable to us.’

‘What makes Kostadinka Deleva special is her deep knowledge of energy law and her strong commitment to our company. Kostadinka is really good at understanding the complex legal rules in the energy sector. We truly appreciate her hard work and expertise in handling our legal matters related to energy, and she’s definitely a standout professional in her field.’

‘What really stands out is their deep knowledge of the energy business, which has been a big help with our legal issues. They’re great at understanding the complicated energy rules. When it comes to getting legal help in the energy industry, Gugushev & Partners is the best choice. They work closely with us and always put our needs first, offering expertise and modern solutions in energy law that are hard to find elsewhere.’

Key clients

Helios Projects JSC

Alpiq AG

Urbasolar SAAS

AOT Energy Belgium S.A.

Nordex SE

El Bonus Ltd.

Rubikon Shipping Ltd

Work highlights

  • Advised AOT Energy Belgium S.A on obtaining of licences issued by the Bulgarian Energy and Water Regulatory Commission for electricity and gas trading on the Bulgarian market.
  • Advised Helios Projects JSC and represent it before the Supreme Administrative Court regarding initiated court proceedings against a decision issued by the Bulgarian Energy and Water Regulatory Commission according to which no premiums are paid to the wind- and hydro-electricity producers and the premiums to the solar electricity producers has been minimized.
  • Advised El Bonus Ltd. in relation to the widely used in the European Union Agreement concerning the Delivery and Acceptance of Electricity of the European Federation of Energy Traders.

Bouzeva & Partners Law Firm

Bouzeva & Partners Law Firm advises across a range of energy matters, including on the development of infrastructure projects, the implementation of renewable energy initiatives, regulatory matters and is noted for specialist expertise in the gas sector. Practice head Nikolay Daskalov assists a number of high-profile clients including the Bulgarian Energy Holding and Milena Muraveeva is noted for her 'profound understanding of the energy, competition and corporate fields'.

Practice head(s):

Nikolay Daskalov

Other key lawyers:

Milena Muraveeva


‘The team offered an excellent legal advice which showed their ability to provide innovative solutions tailored to our best interest. They have great knowledge of our business needs, the natural gas sector and the overall energy market. The knowledge of the energy sector that the lawyers from Bouzeva & Partners possess in addition to their experience and innovative significantly benefited our company.’

‘Bouzeva & Partners Law Firm has great lawyers which specialize in the field of energy, EU and competition law. We have worked closely with Nikolay Daskalov and Milena Muraveeva. Nikolay is an exceptional lawyer. We have always had strong faith and held unwavering trust in his legal expertise in the energy sector and also in the competition and state aid practices. Milena is involved in almost all legal matters. She is capable of crafting optimal resolutions even in the presence of challenging circumstances and projects. Her profound understanding of the energy, competition and corporate fields in addition to the great knowledge of the EU legislation allows her to provide comprehensive guidance.’

‘The team is efficient, responds quickly and is very helpful.’

Key clients


Bulgarian Electricity System Security Fund

Bulgarian Energy Holding


Meridiam SAS

ICGB (Natural Gas Interconnector Greece-Bulgaria)

Sofia Municipality

REWE Group / Billa Bulgaria

SOF Connect

Work highlights

  • Represented the largest energy company in Bulgaria, the Bulgarian Energy Holding, and its subsidiaries Bulgargaz and Bulgartransgaz before the European Commission and the General Court of the EU in an antitrust case in connection with an investigation of the European Commission regarding an alleged abuse of dominant position.
  • Advising the Bulgarian Electricity System Security Fund on the implementation of its feed-in premium program
  • Advised the French investment fund Meridiam on a project for Geothermal Power Plant construction.

Kinkin & Partners

Kinkin & Partners advises on a broad range of energy matters including on energy investment projects, the supply of certificates, licenses and permits to produce energy and for electricity sales and trading. Practice head Adriana Nacheva is praised for her ‘extensive expertise in energy, natural resources, infrastructure and commercial sectors.’

Practice head(s):

Adriana Nacheva


‘Kinkin & Partners have extensive know-how in the field of energy sector, renewable energy sector and natural resources for more than 20 years. Our experience with their legal expertise is extremely positive. Usually, they are one step ahead regarding the development of local and European legislation, they are always aware about new tendencies, amendments and future perspectives.’

‘Their legal team consists of highly motivated and experienced lawyers who are well aware with applicable legislation and always trying to find the best and most effective decisions. Adriana Nacheva has extensive expertise in the energy, natural resources, infrastructure and commercial sectors.’

‘They are resilient in chasing the ultimate best result for their client. They demonstrated not only very deep legal technical knowledge but also very good soft skills in negotiation with government institutions, patience and knowing when the right time is to raise a topic or to bring a proposal for resolution of an issue.’

Key clients

ABV & KO Ltd

Atleha Ltd.

Inter Ltd.

Magineti Ltd.

Mile Engineering Ltd

VEZ Svoghe JsC.

Work highlights

  • Assisted VEZ Svoghe Ltd. in renewing water abstraction permits for their small hydroelectric power plants (SHPPs) along Iskar river.
  • Supported ABV & KO Ltd. – a company constructing a 2 MW photovoltaic power plant in Bulgaria. Secured a positive opinion for connecting the plant to the electricity distribution network, facilitated contracts with electrical engineers.
  • Provided support to the company Mile Engineering Ltd. which invests in small hydropower plants (SHPPs).