Energy and natural resources in Bulgaria

Boyanov & Co.

The combination of Boyanov & Co.'s full-service, top-tier practice and industry expertise attracts major-league clients to the firm for a broad range of advice. The practice is strong across the board of the sector, including nuclear, oil and gas, renewables and electricity. One client is EVN and its subsidiaries, which the firm is advising on anti-trust and other issues. Practice head Alexander Chatalbashev has 'extensive experience in the sector’, and leads mandates from big-ticket M&A and regulatory issues to project development and energy-related litigation.

Practice head(s):

Alexander Chatalbashev

Other key lawyers:

Damian Simeonov; Svetlina Kortenska; Nikolay Kolev


‘The team is highly experienced and efficient. All the members are business oriented and provide tailored advice.’

‘Alexander Chatalbashev, partner, is a well-experienced and client-oriented professional, very responsive and reliable at meeting deadlines.’

‘The team of Boyanov & Co. consists of specialists with a very broad profile: tax, financial, labour law, commercial affairs, public procurement, including a specialist with many years’ of experience and knowledge in the energy sector. From our point of view, this is a unique advantage – relying on specific assistance with regard to energy legislation at an extremely high level of competence, advice/assistance on any other legal issues at a similar level can be obtained if necessary.’

‘Alexander Chatalbashev is the specialist in energy issues and utilities, with extensive experience in the sector.’

Key clients

EVN Elektrosnabdyavane

Westinghouse Electric Sweden

EVN Elektrorazpredelenie

EVN Trading South East Europe

Sevlievo Gas

Park Place Energy Corp.

Iskander Energy Corp.

Sunowe Solar

Societa Petrolifera Mediterranea

Ideal Standard – Vidima

Work highlights

  • Advising the local subsidiaries of Austrian energy group EVN in an investigation brought by the Bulgarian competition authority concerning allegations of abuse of dominance and prohibited agreements.
  • Representing one of several Bulgarian gas distribution companies on various contractual and regulatory matters related to their gas distribution service.
  • Advising a consortium of Spanish private equity investors and engineering companies in relation to the financing, development and the potential acquisition of a portfolio of local wind farms.


Energy is a key area of focus globally at CMS, including in its Sofia office. The Bulgarian practice acts for a host of leading oil and gas exploration companies, including Shell International Exploration and Development Italia, Petroceltic and SPM Bulgaria , with equal strength in renewables, nuclear, projects, mining and regulatory. Office managing partner Kostadin Sirleshtov  is 'the most knowledgeable energy lawyer in Bulgaria', according to a client, and steers the entire CEE-wide practice. Dimitar Zwiatkow co-leads in Sofia.

Practice head(s):

Kostadin Sirleshtov; Dimitar Zwiatkow


‘Kostadin Sirleshtov is the most knowledgeable lawyer in Bulgaria in regards to the energy sector. He is on top of all issues in the sector and makes sure to keep us informed regarding any changes. Takes a very helpful approach in legal proceedings.’

‘I would recommend working with Kostadin Sirleshtov and his team (especially Denitsa Dudevska and Raya Maneva). They supported us on the Bulgarian energy regulation and their knowledge and advice were really helpful for our activity.’

They are keen to answer in a timely manner and with a very pragmatic approach.’

Key clients

Shell International Exploration and Development Italia


Global Biomet

SDN Company

SPM Bulgaria

Acwa Power

Corinth Pipeworks

Svilengrad Solar

Argos Energy

EVN Elektrorazpredelenie YUG

Work highlights

  • Advising Petroceltic on the preparation of all necessary documents and the application for the licensing of a gas storage facility – Bulgaria’s second gas storage facilility, including advice on the relevant legislative changes.
  • Advising Svilengrad Solar, the developer of the largest Bulgarian photovoltaic green-field project.
  • Representing EVN Elektrorazpredelenie YUG on public procurement proceedings regarding electricity and excavation works on the whole licence territory of the client.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov eclipses rivals in terms of size, fielding 18 practitioners led by much-respected Milan Pandev, 'one of the best professionals of law in the field of energy', and the respected Georgi Goudiniski; almost uniquely, they are both full-time energy specialists. The firms boasts an extensive client list across all facets of energy and natural resources, including CEZ, Gazprom and Lukoil, as well as a number of financial institutions and funds investing in the sector.

Practice head(s):

Milan Pandev; Georgi Gouginski

Other key lawyers:

Anton Krustev; Kaloyan Krumov; Yassen Spassov


‘DGKV’s energy and natural resources practice represents one of the most experienced teams on the Bulgarian legal market. The law firm has the expertise to provide full scope assistance to clients interested in investing in the energy sector in Bulgaria. DGKV has highly-qualified and experienced lawyers who spend significant time on energy matters.’

‘DGKV boasts an impressive record of energy sector transactions and an unprecedented list of energy sector clients.’

Milan Pandev is one of the best professionals of law in the field of energy. He has developed extensive expertise in the power and oil and gas sectors in Bulgaria. Milan is a highly knowledgeable practitioner of energy law.

Yassen Spassov has specific expertise in energy and environmental law issues and solid experience in energy and utilities, including construction of new power facilities, power generation and gas distribution, trade in electricity and gas.’

‘The team, managed by Milan Pandev, showed themselves as professionals and was very proactive.’

‘I would mention proactivity and fast response of all team members. We worked closely with Kaloyan Krumov and Yassen Spassov. Mr Spassov prepared for us a very useful legal framework overview concerning our project and Mr Krumov provided great support, from preparation to land acquisition.’

Key clients

AES Group Companies in Bulgaria

Aresgas AD (formerly Rila Gaz)

Axpo Trading

CEZ Elektro Bulgaria

CEZ Razpredelenie Bulgaria

Chevron Munaigas


EDF-Electricite de France


European Commission

Gazprom Marketing & Trading Limited

Gazprom Export

GE Renewable Energy – Hydro

LUKOIL Europe Holding

Mercuria Energy Europe Trading (formerly JP Morgan Energy Europe; RBS Sempra Energy Europe)

NEPI Investment Management

OMV Trading


Shanghai Chaori International Trading Co.

Shanghai Sensheng Assets Management Centre

Solar Turbines Europe

Torq Resources

Vodosnabdyavane i kanalizatsiya Dobrich

Water & Sewerage Company Steneto

Work highlights

  • Represented CEZ Electro Bulgaria in a commercial dispute against Future Energy.
  • Advising Solar Turbines Europe in relation to the preparation and participation in a tender brought by Bulgartransgaz.
  • Representating nine local generators of electricity from solar power in a complex litigation against the Bulgarian State.

Kambourov & Partners

Kambourov & Partners has a long-established standing in the field under the expertise of practice head Stefan Tzakov, a leading figure in the market. The firm receives multiple marquee mandates, such as a role in the construction of the Bulgarian section of the gas pipeline TurkStream, where it is acting for Arkad-ABB. New clients include China Zhongyuan Engineering Corporation (CZEC) and Bulgartransgaz, which join the likes of CEZ and Tesla in the firm's impressive portfolio. The team excels in energy disputes.

Practice head(s):

Stefan Tzakov

Other key lawyers:

Irena Petkova


‘Very professional team.’

Key clients

Arkad ABB


Hydroenergy Group

Societa Appalto Lavori Pubblici SALP)


China Zhongyuan Engineering Corporation (CZEC)

Citygas Bulgaria

GCL Intelligent Energy

Alpiq Ecopower


ACT Commodities

European Federation of Energy Traders (EFET)


RWE Supply & Trading

Work highlights

  • Advised Arkad on the development and construction of the Bulgarian section of the gas pipeline TurkStream.
  • Retained by Bulgartransgaz to provide advice and assistance on the acquisition of 20% of the capital of the Greek project company Gaztrade – developer of the LNG terminal near Alexandroupolis, Greece.
  • Acting as the Bulgarian counsel to the European Federation of Energy Traders (EFET).

Wolf Theiss

A versatile practice at Wolf Theiss includes mandates across all aspects of power, both conventional and renewable, on behalf of multinational and domestic companies. The team has 'excellent in-depth knowledge of the particularities of the energy sector'; it is co-led by specialist Radoslav Mikov, who has many years' experience both in-house and in private practice. Office managing partner Anna Rizova also advises in this sphere, while Oleg Temnikov is singled out by clients as 'outstanding in regulatory and commercial matters'.

Practice head(s):

Anna Rizova; Radoslav Mikov

Other key lawyers:

Oleg Temnikov; Katerina Novakova


‘I started working with the Wolf Theiss Sofia office back in 2018 in a former role and continued to work with them in my current position. They have assisted us as a lead counsel on a number of renewable energy projects in Bulgaria, as well as coordinating out of Bulgaria legal advice on neighbouring jurisdictions.’

The most important quality of Wolf Theiss in Bulgaria is that they have a specialised energy team, involving lawyers which are experienced and active on this particular market. This allows them to have an excellent in-depth knowledge of the particularities of the energy sector and be aware of opportunities; they are client-oriented.’

We were impressed by the extensive and detailed business and legal knowledge of the Wolf Theiss team in the energy sector. It is rare for lawyers to have such detailed understanding of the energy sector and to provide such client-friendly advice.

‘Oleg Temnikov is a  brilliant energy lawyer, outstanding in regulatory and commercial matters. He is very accurate in providing legal advice, while at the same being sensitive to commercial and business considerations. He is definitely one of the leading individual lawyers in the sector in Bulgaria and the region – he is partner level.

Radoslav Mikov is very practical and solution-oriented. In particular, we appreciated his knowledge and experience in the electricity sector and the renewables.’

Key clients

Axpo Bulgaria

ERG Renew

Turk Stream (former South Stream B.V.)

NIS Petrol

Vesto Energy

Protergia/ Mytilineos

Enel Green Power Bulgaria


AresGas EAD


Work highlights

  • Advising the Bulgarian branch of Swiss energy company Axpo on various regulatory and commercial matters arising from electricity trading, as well as in litigation and arbitration cases.
  • Acting for ERG Renew and its 15 subsidiaries in Bulgaria on aspects of their business, including a number of administrative disputes against decisions of the energy regulator, and commercial disputes under electricity off-take agreements.
  • Advised KGal and its subsidiary Alcinda on their entry to the Bulgarian market, including advice on the acquisition of seven PV plants previously developed and operated by Samsung in Bulgaria, and advice on bidding procedures for RES projects.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria has a strong following among the energy sector, where the firm advises local and central government as well as private sector industry bodies. The firm advised Sofia Municipality on the establishment of an energy centre for the design and implementation of energy efficient projects and climate change mitigation. Energy and water are areas of focus for team leader Andrey Delchev, who is supported by fellow partner Magdalena Valova and a team of associates, including Valery Petkov.

Practice head(s):

Andrey Delchev

Other key lawyers:

Magdalena Valova; Valery Petkov

Key clients

Assarel-Medet JSC

Bulgarian Mining Chamber

Bulgarian Petroleum and Gas Association

CEZ Group

Council of Ministers

Energy and Water Regulation Commission


Ministry of Environment & Waters

National Trust EcoFund

World Bank

Work highlights

  • Advised the World Bank on the development and implementation of national programmes for ambient air quality management necessary for reaching compliance with EU law requirements.
  • Advised the Ministry of Regional Development and Public Works in a number of cases related to water supply and sanitation reform.
  • Acted for Sofia Municipality regarding 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

Top-flight litigation firm Georgiev, Todorov & Co handles energy disputes of the highest level with sector expertise provided by Arno Mamasyan, Nikolay Lazarov and Mariya Derelieva. They act for both consumers and producers of energy, particularly electricity, with multiple cases before the Supreme Administrative Court. The team also advises on non-contentious energy-related matters, such as energy infrastructure and development projects. Senior associate Ivan Tserovski  joined the team from the Energy and Water Regulatory Commission where he was chief legal adviser.

Practice head(s):

Ivan Todorov; Mariya Derelieva

Other key lawyers:

Arno Mamasyan; Nikolay Lazarov


‘We work very closely with Arno Mamasyan and Nikolay Lazarov. Both are great professionals with exceptional litigation skills. For Arno Mamasyan we can say that he is a creative lawyer, very experienced, with in-depth knowledge of the mining sector, administrative procedures, corporate and real estate law. His proactive approach adds value to our company.’

‘We have been working with Georgiev, Todorov & Co. for several years already. We started working with them on a very complex energy matter and a dispute. The energy and litigation practice of the law office is one of the most successful in Bulgaria, which was unconditionally proven by our work with the lawyers so far. The team consists of perfectly-prepared professionals with in-depth knowledge of the national and EU regulations, rules and practices. They are very responsive and we can always rely on their client-oriented advice.’

‘We work with Miglena Peneva, who is our trusted lawyer and main point of contact with the law firm. Miglena is a skilled lawyer, a prominent litigator, familiar with all specifics of the national and EU procedures which allow her to find the best legal approach to every situation. She has exceptional knowledge and vision for the timely and successful solution of the cases.’

‘We have trusted the team of Georgiev, Todorov & Co. to solve our legal issues in various sectors for over five years. Energy and natural resources is one of the firm’s key specialisms and the department has an excellent reputation with both local and international clients. What makes the practice unique is the lawyers’ in-depth regulatory knowledge and extensive experience in court, which makes the success rate of the team very high and lets the client feel secure that the issues will be solved.’

‘Mariya Derelieva is an expert in the energy sector with long-term experience, and has excellent communication skills, commercial knowledge of the industry and efficiency in solving the issues of her clients. Other lawyers whom we have worked with on the case are the senior associate Ivan Tserovski, who has knowledge of substantive law in the field and great organisational skills, and junior associate Ida Golemanova, who impressed us with her in-depth research and ability to work under pressure.’

‘We require knowledgeable legal advisers with international experience to help the proper structuring of our business strategy. In that respect, Georgiev, Todorov & Co. is the right choice. We are very impressed by their in-depth knowledge in the energy sector and all the specifics of electricity trading, regulatory matters, and the operation of the free, regulated and balancing markets in Bulgaria. They are very organised with great attention to details. In addition, their proactive approach is most valuable to us.’

‘We work mostly with the lawyers Mariya Derelieva, Arno Mamasyan and Tsvetelina Dimitrova. Mariya Derelieva is very knowledgeable lawyer, with great experience in the energy sector. She is our main consultant not only when it comes to litigation procedures but also for any regulatory matters related to the licence for trading of electricity our company has and the relations with the Energy and Water Regulatory Commission. Arno Mamasyan is an exceptional litigator, with a solid background in corporate and commercial cases, as well as energy disputes. He has the expertise and vision for the timely and successful solution of each case. Tsvetelina Dimitrova is also a brilliant lawyer with a proactive approach to clients and great knowledge of Bulgarian and EU legislation.’

Key clients

Asarel Medet JSC

BMF Port Burgas

Bulgarian Chamber of Mining and Geology/Euromax Services



Grand Energy Distribution

Hydro Power Utilities

National Association of Property Developers

Port of Burgas

Port Varna

Resalta Bulgaria

TEC Maritsa 3 AD

TEC Bobov Dol


Toplofikacia Pernik

Toplofikacia Ruse

Toplofikacia Sliven

Union Hydro

Union of the producers of Green Energy

Work highlights

  • Advising the state company Port of Burgas in the Supreme Administrative Court in a dispute with the licensed distribution grid operator, which was the subject of consideration by the Court of Justice of the European Union.
  • Representing Toplofikacia Pernik before the Supreme Administrative Court against the Energy and Water Regulatory Commission on an appeal of a decision for determining the feed-in-tariff at which our client’s electricity will be purchased.
  • Providing legal assistance to TEC Maritsa 3 AD in several disputes against the state and private companies for the purchase and sale of electricity, free greenhouse gas emission allowances, as well as the consequences of the COVID-19 pandemic and its impact on Bulgarian electricity market.

Jordanov, Ignatov, Ivanov Law Firm

With a strong focus on energy law, Jordanov, Ignatov, Ivanov Law Firm is the preferred choice for the state government in respect of some of the country's most high-profile projects, disputes and legislative change. Most recently, the firm has been advising the Ministry of Energy on the controversial re-start of the €12-14bn Belene Nuclear Power Plant. The work was led by all three key partners of the practice, Ivan Jordanov, Rumen Ignatov and Dimitar Ivanov. Others clients include National Electric Company and Bulgarian Energy Holding.

Practice head(s):

Ivan Jordanov; Rumen Ignatov

Other key lawyers:

Dimitar Ivanov


‘Responsive and covers all matters in a comprehensive manner in a very short time frame.’

Problem-solving approach, proposals for tailor-made legal solutions for complicated cases.’

‘Excellent work from Dimitar Ivanov.’

Key clients

Bulgarian Ministry of Energy

National Electric Company

Bulgarian Energy Holding

Work highlights

  • Advising the Ministry of Energy on the procedure for re-start of the Belene Nuclear Power Plant.
  • Acting for the Bulgarian Energy Holding regarding the means to support the State-owned Maritza Iztok-2 power plant in light of the amended EU requirements for fossil fuel power plants.
  • Advising the Ministry of Energy on the legal effects of special legislation in respect of the COVID-19 pandemic regarding utility bill payments.

Penkov, Markov & Partners

Penkov, Markov & Partners demonstrates full-service capability in the energy sector and handles high-stakes litigation and corporate matters for some key industry players. The latter include Czech electricity distributor CEZ, which the firm continues to advise on the protracted sale of its Bulgarian subsidiaries. The firm also handles regulatory issues and project development of new electricity and gas capacities and supply sources, among other matters. Vladimir Penkov , Atanas Valov and recent hire Nikolay Voynov comprise a versatile leadership team.

Practice head(s):

Vladimir Penkov; Atanas Valov; Nikolay Voynov


‘They have quite the name in the renewable energy sector and are the most recognisable office there in our opinion. 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.’

‘The combination of their 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, and having very good litigators in their team gave us the feeling that they are the ones to work with on our investments in that sector.’

‘Atanas Valov leads the litigation team and is very effective in our cases. We have worked with him since 2011/12 and he knows quite well the specifics of the functioning of this sector, which is very valuable in the preparation of an effective defence strategy.’

‘They demonstrate in-depth knowledge and constant monitoring of amendments in legislation.’

‘Ralitsa Tihova always responds to the challenges and specifics that we put in our inquiries to the practice. She demonstrates a wide range of knowledge and in-depth analysis in the field of her work. She stands out with her desire to consider issues and possible solutions in different contexts.’

Ivan Markov stands out.’

Key clients


Mondi Stambolijski

Zlatna Panega Cement

More than 60 RES producers

Markan Holding

Knauf Bulgaria

EnergiMidt Renewables

Minstroi Holding Group

Aenerg Group

Solar group


BA Glass


Work highlights

  • Representing a number of RES producers on cases with net value of more than €5m that are seeking reimbursement of an unconstitutional 20% fee imposed on their income; in April 2020 two landmark decisions of the Supreme Court of Cassation have upheld the clients’ claim.
  • Acting for CEZ on a multimillion-euro M&A transaction in the energy sector, amounting to the largest transaction in Bulgarian electricity sector in ten years.
  • Advising Mondi Stambolijski in connection with the commissioning of a new €10m production gas boiler and de-commissioning of old production capacities, including with respect to settlement of documentation before EWRC.

Schoenherr (in cooperation with Stoyanov & Tsekova)

Schoenherr (in cooperation with Stoyanov & Tsekova) has a very comprehensive offering and advises across all sources of energy and utilities, from renewables and electricity to oil and gas, including providing corporate, project finance, real estate, concessions and regulatory advice. The team has recently advised on mulitple solar park acquisitions, including Bulgaria's largest, Karadzhalovo PV park, while 'professional' Stefana Tsekova is leading advice to the European Commission on gas wholesale markets across the EU. She co-leads the practice alongside experienced attorney Radoslav Chemshirov.

Practice head(s):

Stefana Tsekova; Radoslav Chemshirov

Other key lawyers:

Alexandra Doytchinova


‘A well composed, balanced team of interchangeable experts.’

‘Stefana Tsekova is a professional who adapts to any situation extremely quickly and responds with the best solution. Ilko Stoyanov is a quick, smart, professional with hands on any process.’

Key clients

Enery Development

European Commission

MET Group

OMV Bulgaria

Edison Italy

Danske Commodities

Woodside Energy

UniCredit Bulbank

Société Générale Expressbank


Work highlights

  • Advised Enery Development on the multimillion-euro acquisition of the biggest solar park in Bulgaria, Karadzhalovo PV park, with installed nominal capacity of 50MW and installed peak capacity of 60.4MW.
  • Conducted a detailed study on the regulatory and administrative requirements for entry and trade on gas wholesale markets in the EU for the European Commission’s Directorate-General for Energy.
  • Advising Edison Italy and Poseidon on Bulgarian corporate and regulatory matters related to the second construction and financing phase of the gas interconnector between Bulgaria and Greece.

Arsov Natchev Ganeva

Arsov Natchev Ganeva excels in corporate and infrastructure mandates within the energy sector, earning roles in high-profile matters such as the Bulgaria-Greece gas interconnector, where the firm is acting for ICGB, and representing the Arkas Consortium in the public procurement for the extension of the gas transmission system of Bulgartransgaz. Jivko Rokov is particularly experienced.

Practice head(s):

Jivko Rokov; Marin Arsov

Other key lawyers:

Yordan Terziev

Key clients

Interconnector Bulgaria-Greece (ICGB Ad)

Arkad Consortium

Veolia Group & Sofiyska Voda




Work highlights

  • Continuing to advise Interconnector Bulgaria-Greece (ICGB AD) on the project to provide a direct link between the national natural gas systems of Greece and Bulgaria.
  • Advised Veolia Group & Sofiyska Voda (Water services operator of Sofia) on specific water and sewerage regulatory matters as well as the concession agreement of Sofiyska Voda for the provision of water and sewerage services to Sofia Municipality.
  • Advising Arkad Consortium on its participation in a public procurement for the construction of an extension of the gas transmission system of Bulgartransgaz.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co has a robust practice, advising both energy suppliers and consumers with particular strength in regulatory and litigious matters. The multidisciplinary team is co-lead by Bogdan Petrov, who has deep industry experience and is assisted by 'extremely experienced and knowledgeable' senior associate Pencho Stanchev. Corporate lawyer Zoya Todorova is another key adviser.

Practice head(s):

Bogdan Petrov; Pencho Stanchev

Other key lawyers:

Zoya Todorova


‘What makes this practice unique is their strong client focus, they know our business very well and are able to immediately target key commercial issues.’

‘I would like to praise Zoya Todorova for her extraordinary commitment. We have continuously worked together for many years now and there have never been any low points in her performance.’

‘A very occidental law firm in an eastern country, with very high-profile partners and lawyers and with a very well-established practice. Zoya Todorova is a very experienced and client-friendly partner, with very high coverage and astonishing skills. Polya Donkova is a young, talented lawyer, very good and very ambitious.’

‘The lawyers from DPC have in-depth knowledge of the energy sector in Bulgaria and namely the electricity market. They have the ability to handle very complex issues and present arguments in a simple-to-understand, yet elegant and tech-savvy way.’

‘We work closely with partners Metodi Baykushev and Hristo Nihrizov, as well as with senior associate Pencho Stanchev. All three of them showed great work ethics and ability to aptly navigate the complex regulatory framework of the energy sector in Bulgaria. Although handling only supervisory functions and not being involved in day-to-day business, partner Metodi Baykushev is always available and ready to assist if the need arises.’

‘The firm has very wide and detailed knowledge and practical experience in the energy sector regarding regulatory and litigation matters. DPC’s extraordinary in-team coordination and professionalism are not only strengths but also the main tools they have in providing efficient and successful legal assistance.’

‘Metodi Baykushev is an outstanding lawyer with his friendly, yet professional, attitude. His vast experience in the field together with his deep knowledge makes him communicate in a comprehensive and efficient manner which is a key point to our successful collaboration. Pencho Stanchev is young but extremely experienced and knowledgeable lawyer. Always prompt and extremely competent. His assistance is highly valued by us.’

‘What makes the practice unique is the people. They changed my personal notion of lawyers. They are all very intelligent, friendly, and goal-oriented. We know that we can rely on them anytime and for anything – very much like friends do. We have worked with them for more than five years and their performance has always been impeccable. Recently they assisted us with some hard negotiations on electricity pricing and they did a great job.’

Key clients

Alpiq Energy


Pasabahce Bulgaria

Windkraft Simonsfeld

VM Petroleum, Tradenet Varna

Trakya Glass

Sisecam Bulgaria

Pasabahce Bulgaria

Work highlights

  • Representing Alpiq Energy in the insolvency proceedings of a Bulgarian electricity trader.
  • Advising the Bulgarian subsidiary of Sisecam Group in obtaining concession from the Government for exploration and mining of non-metalliferous minerals used in the glass production process.
  • Advised the Bulgarian subsidiary of Sisecam with regard to the negotiations with the public supplier of natural gas regarding new price adjustment mechanism.

Dinova Rusev & Partners

Dinova Rusev & Partners is particularly focused on the mining industry with its client roster comprising multiple mining companies operating in Bulgaria. However, the practice also handles disputes within the wider energy sector, such as a competition case for Kaliakra Wind Power. Iliya Grozdanov has valuable experience and is supported by head of dispute resolution Konstantin Stambolov.

Practice head(s):

Iliya Grozdanov

Other key lawyers:

Konstantin Stambolov


‘We work solely with DRP when we need legal services in the energy area. We are satisfied with their services and see no reason to use a different firm.’

‘The team at DRP is competent and provides prompt advice.’

Key clients

Terna Energy

Mitsubishi Heavy Industries

Bulgarian Energy Holding

Kaliakra Wind Power

Assos Capital – AP Retail I

Energo Pro

Gorubso Kardzali

House Market Bulgaria

Trade Estates Bulgaria

Work highlights

  • Advising Immerys Minerals Bulgaria in respect of mining concessions and operations in Kazrdzali, the largest producer of bentonit in the region.
  • Defending Kaliakra Wind Power in claims by the National Electricity Company for payment of balancing charges.
  • Represented AP Retail I /European Trade Center/C Energy in its tender for the supply of electricity to Hermes Park, an office and shopping centre in Sofia.

Gugushev & Partners Law Office

A distinctly international client base at Gugushev & Partners Law Office includes Chinese Hareon Solar Technology, Swiss Alpiq AG and Belgium's AOT Energy. Stefan Gugushev and Kostadinka Deleva are well-versed in energy trading, licensing and regulatory issues, as well as dispute resolution in the sector. Clients appreciate the firm's 'professionalism and proactive approach'.

Practice head(s):

Stefan Gugushev; Kostadinka Deleva


‘We are working with Gugushev & Partners since the establishment of our company and we never had a reason to look for any other legal partner. The fim is consistent, full of bright and professional individuals and grows with new practices and solutions that help in our growth as well.’

‘The team consists of solution-oriented experts that are easy to reach and don’t miss any small detail. They demonstrated outstanding work experience and expertise in deals outlining any risks that our company could be facing throughout all procedures. The energy market is pretty complex as it is and energy regulations demand a profound understanding. Gugushev & Partners provides us with a highly expert and professional service which enables us to achieve our business goals.’

‘Stefan Gugushev has extensive practice and expertise in the field of energy. He understands the market and has incredible negotiation skills. His many years on the legal market didn’t make him slack on new regulations, as energy is a fast-growing sector, we appreciate that he is always up-to-date with the legislation. What is more, even though he is a managing partner, he still finds time to check with us and is available if we need assistance.’

‘Kostadinka Deleva is a very responsive and punctual lawyer, always available and ready to help us with different challenges and difficulties. Her support is always highly-valued by our company.’

‘Managing partner, Stefan Gugushev is one of the leading specialists in the area of energy law in Bulgaria. He is a prominent expert on the legal framework related to the energy market in Bulgaria. He really understands the energy-related legislation, the market and the specifics of our business as electricity traders. This is a very peculiar field, very dynamic and it requires in-depth knowledge and cross-functional analysis, which we always witness in his advice. His business-oriented approach and artistry in negotiations have helped us on numerous occasions.

‘Kostadinka Deleva is also a very experienced energy lawyer with profound expertise and exceptional discipline and diligence. Her clear and structured communication style is indeed notable as this is of paramount importance to the prompt resolution of many of our issues.’

‘The main reason we consider Gugushev & Partners as one of the most reliable and appropriate partners to work with is their professionalism and proactive approach to our company.’

‘Stefan Gugushev is an excellent lawyer with prominent personal attendance and dedication to his work. Having experience with both international and local energy deals, he supports our company in every stage of our development. During the last several months, when the market was very dynamic, Stefan Gugushev took perfect care of us and has proven his premium qualities in market analysis, the legal matter and the provision of business-oriented solutions.’

‘Kostadinka Deleva has shown us that we can rely on her expertise and in-depth knowledge of the energy market and local legislation overall. She is very helpful, professional and very proactive. It is a pleasure working with her.’

Key clients

Hareon Solar Technology

China Development Bank

Alpiq AG

El Bonus

Construction Management Group

Urbasolar SAAS

AOT Energy Belgium

RESALTA Bulgaria

Trakya MT

Energo BR

Ecozid Invest

Kunino Energy

Work highlights

  • Advising Hareon Solar Technology and its group companies on an ongoing basis for almost ten years, on all legal aspects related to their business activities in the renewable energy resources sector in Bulgaria.
  • Advising AOT Energy Belgium in connection to the procedure before the Bulgarian Energy and Water Regulatory Commission for the acquisition of a licence for electricity trade on the Bulgarian energy market, as well as for registration before Bulgartransgas to actively trade with natural gas.
  • Acting for Alpiq AG, Switzerland, on an ongoing basis on all legal matters in connection to their Bulgarian portfolio in the renewable energy sector.


Kinstellar's recognised practice attracts a growing number of energy companies and investors in both conventional and renewable energy. Recent hires, namely managing associate Atanas Mihaylov, formely of Wolf Theiss, and counsel Anton Petrov from Djingov, Gouginski, Kyutchukov & Velichkov, join counsel Mladen Minev in advising on disputes, regulatory matters and corporate mandates in the sector.

Practice head(s):

Diana Dimova; Mladen Minev

Other key lawyers:

Atanas Mihaylov; Anton Petrov

Key clients


Direct Petroleum Bulgaria


Work highlights

  • Advising a consortium (comprised of Meridiam and STRABAG and in partnership with Flughafen München) on the energy and environmental aspects of its winning bid for the 35-year, €4.3bn concession of Sofia Airport.
  • Successfully defending Direct Petroleum Bulgaria (a subsidiary of oil & gas company Trans-Atlantic Petroleum) in a multimillion-dollar energy dispute with the Bulgarian State, and providing ongoing advice on legal matters related to their concession agreement for the extraction and primary processing of natural gas and condensate in Bulgaria.
  • Advising NovEnergia, a European renewable energy investment fund, on all ongoing energy regulatory matters.

Deloitte Legal Law Firm

Deloitte Legal Law Firm is growing its practice and attracting a number of new clients, including Shell Bulgaria, Sunotec Group and IDS Europe, a subsidiary of Kuwait Petroleum. Notably, the firm has been retained by the European Commission to model Bulgaria’s National Energy and Climate Plan until 2030. Pavlin Stoyanoff is a key adviser; Renata Petkova oversees the practice.

Practice head(s):

Reneta Petkova

Other key lawyers:

Pavlin Stoyanoff

Key clients

EU Commission

Enery Development, Austria

Shell Bulgaria

Sunotec Group

IDS Europe B.V., Kuwait Petroleum subsidiary


Work highlights

  • Advising the European Commission on modelling Bulgaria’s National Energy and Climate Plan until 2030, including the development of dedicated modelling software to be used by the Bulgarian Government.
  • Preparing a regulatory and market analysis report for Energy Development Austria in respect of a potential acquisition of the largest PV park in Bulgaria.
  • Advised Shell Bulgaria on an overview of Bulgaria’s energy policies and strategic framework.

Kinkin & Partners

Kinkin & Partners handles a broad caseload of licensing and contractual disputes and projects for a range of energy companies and manufacturers of energy-related products. Adriana Nacheva has over 20 years' experience of energy and construction projects and leads a small team, which 'always puts full efforts into the work' and includes senior associate Siyana Veleva.

Practice head(s):

Adriana Nacheva

Other key lawyers:

Siyana Veleva


‘The whole team consists of amazing professionals, who work on a very high level. Since our company has international business (spread in USA, China, Bulgaria, Israel) and we really need to rely on very good lawyers around the world, we absolutely and exclusively choose Kinkin & Partners law firm every time.’

‘In the spere of energy law we are relying on partner Adriana Nacheva and senior associate Siyana Veleva. They are both amazing lawyers and dedicated professionals.’

‘The whole Kinkin & Partners team is unique. We have been working together supporting my business for years. I can always rely on their professionalism, hard work, dedication, every task completed and always giving their full efforts for the work.’

‘Our energy team lawyers are always supporting us in the best way. We are their long-term clients. The energy sector is a dynamic sector and it requires making urgent decisions, being legally punctual, managing big stations, having huge responsibilities. The attorneys from Kinkin & Partners are capable of always supporting us with the above commitments, because predominantly, those obligations devolve upon them. And they are managing to deal with every obstacle that occurs and every engagement they have, in the most suitable way. We are always pleased with their work.’

‘We personally work with two amazing ladies, Mrs Nacheva, who is a partner and Mrs.Spasova, who is a senior associate, who also are perfect attorneys. Their work dedication, attention, professional qualities and splendid knowledge, are the preconditions for our well-developing business.’

Key clients


Baggermaatschappij Boskalis


Energy – KA

Hydroenergy Association


Laurea Nadezhda

MVEZ Glojen., MVEZ Michailovo, OGOSTA B.E, VEZ Svoghe

Pogledetz Lesinvest

Solar Power Park

Work highlights

  • Advising Belvi, a company active in the field of manufacture and construction of electric systems and electrical equipment, in respect of a dispute with the Ministry of Environment regarding the withdrawal of their water usage permit required for the construction and exploitation of a hydroelectric generating station on river Sugarevska.
  • Acting for Hydroenergy, a holder of the mini hydro power plant ‘Tchair dere’, in a permit dispute with the Basin Directorate of East-Aegean Region.
  • Advising Laurea Nadezhda, an investment vehicle for the purposes of infrastructure projects through private initiatives, on an infrastructure project in Sofia’s neighboorhood – Nadezhda.

Tsvetkova Bebov Komarevski

Aleksandar Aleksandrov at Tsvetkova Bebov Komarevski has notable energy expertise, particularly in the gas sector, and was formerly in-house at gas distributor Overgas Inc. He leads a practice of corporate, finance, general commercial and public procurement management mandates on behalf of both domestic and international companies, such as NIS Petrol and VEZ Svoghe.

Practice head(s):

Irina Tsvetkova; Aleksandar Aleksandrov


‘The practice has a very strong background in the energy sector with hands-on experience in strategic transactions on the Bulgarian market. The lead lawyers are results-oriented and dedicated to serving the customers’ best interests. ’

‘Venelin Dimitrov is a lead lawyer with significant experience in the energy sector, who’s counsel has guided key clients to develop successful partnerships in Bulgaria.’

Key clients

NIS Petrol

Geofyzika Torun

University of Mining and Geology “St. Ivan Rilski” – Sofia

Bulgarian Gas Centre

VEZ Svoghe

Work highlights

  • Advised Goefyzika Torun on matters related to the commencement of field works and issuance of force majeure certificates related to a €3m public procurement contract with the Bulgarian transmission system operator Bulgartransgaz.
  • Assisted NIS Petrol with the preparation of all documents and information for issuance of a license for trading of electricity by the Bulgarian Energy Regulatory Body.
  • Engaged by a team of experts led by the Bulgarian Gas Centre for the preparation of a feasibility study for one of the biggest companies in the mining sector in Bulgaria, exploring the opportunity for construction and operation of a natural gas fired power plant.