Firms To Watch: Projects and PPP

Newly established Kolev, Angelov & Miteva Law Firm houses a qualified team of practitioners including practice leader Angel Angelov, Nikolay Kolev and of counsel Zoya Koleva, all of whom combine years of expertise to advise on public procurement procedures and concessions.

Projects and PPP in Bulgaria


CMS has demonstrable experience in advising on the largest projects in Bulgaria, notably in the energy sector, where the team covers upstream oil and gas, renewables, nuclear energy and mining, among others, as well as construction and infrastructure matters. Managing partner and energy specialist Kostadin Sirleshtov jointly leads the team alongside Dimitar Zwiatkow, whose focus lies on the renewable energy sector. Elsewhere, the practice group's caseload includes PPPs and public procurement projects across the defence, transport and environment sectors. Key clients include Rosatom, OMV Petrom and Svilengrad Solar.

Practice head(s):

Kostadin Sirleshtov; Dimitar Zwiatkow

Key clients



OMV Petrom

Acwa Power

Axpo Solutions

Vier Gas

Repsol Han Kubrat Bulgaria


Svilengrad Solar

Ib vogt


ELL – European Locomotive Leasing

Work highlights

  • Engaged by Rosatom on the structuring and the implementation of Belene Nuclear Power Plant project, where the company will be partnering with the state-owned Bulgarian Energy Holding.
  • Advising EVN Elektrorazpredelenie YUG EAD on the execution of public procurement proceedings regarding electricity and excavation works on the whole license territory.
  • Assisting Svilengrad Solar with all regulatory elements of the development of the Bulgarian photovoltaic green-field project.

Djingov, Gouginski, Kyutchukov & Velichkov

Praised for its ‘detailed knowledge and deep experience’, Djingov, Gouginski, Kyutchukov & Velichkov's projects development practice advises on the full cycle of infrastructure utilities and transport projects, as well as acting for local governments and financial institutions on both the financing and sponsor side of high-profile concessions and PPP projects. Combining interdisciplinary expertise from across the firm, the team is jointly led by public procurement and energy expert Milan Pandev, head of real estate and construction Stephan Kyutchukov, and Nikolai Gouginski, who focuses on the financing aspects of infrastructure, construction and financial projects.

Practice head(s):

Milan Pandev; Stephan Kyutchukov; Nikolai Gouginski

Other key lawyers:

Anton Krustev


‘Detailed knowledge of legislation and deep experience in the practice. Always available, ready to ask detailed questions and calm in explaining to the customer everything about the subject.’

Key clients

Patria Land Oy

Shanghai Sensheng Assets Management Centre (Limited Partnership)

ERG Insaat Ticaret ve Sanayi AS and SSB Sauerwein & Schaefer Bau AG

ContourGlobal Maritza East III

Medgold Resources

Chariot Motors and Consortium Chariot Motors/Higer Bus Company Limited


Blocks Group Bulgaria

Bridge Capital


Work highlights

  • Advising Patria Land Oy in connection with the participation in a tender for acquisition of armoured vehicles and equipment held by the Bulgarian Ministry of Defence.
  • Advising ERG Insaat Ticaret ve Sanayi AS and SSB Sauerwein & Schaefer Bau AG in their capacity of one of the bidders for the Sofia Airport Concession tender.

Kambourov & Partners

Kambourov & Partners’ caseload features high-profile mandates, ‘ranging from airport and port concessions to pipelines and power plants, highways and other infrastructure projects’. In one highlight, the group advised the consortium HSS-Monolit Sofia on a public procurement procedure for the design and construction of a new section of the Third Line of the Sofia metro. Atanas Shopov, who heads the firm’s real estate and construction practice, jointly leads the team alongside energy specialist Stefan Tzakov, while practice deputy head Elena Apostolova is praised as an ‘excellent expert in public procurement’.

Practice head(s):

Stefan Tzakov; Atanas Shopov

Other key lawyers:

Elena Apostolova


‘The team is very well experienced and competent. They are all rounders, with across-the-board expertise and the resources to cover every possible legal issue. Also exceptional litigators.’

‘They have excellent technical skills, as well as strategic vision and commercial orientation. They are available all throughout the project, keep you up to date and make sure things move forward as fast as possible.’

‘Top-quality advisors and brilliant litigators with deep expertise.’

‘We can mention Stefan Tzakov and Atanas Shopov because their knowledge and experience are exceptional in the field of PPP. They also have a broad expertise in the regulatory legislation applicable to the investments in the field of energy and construction.’

‘The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed. We assess the level of service as excellent and we emphasize that the answers to the legal questions were provided by Kambourov & Partners law office in due time. Responses were accurate and always provided in close cooperation with in-house lawyers of the company.’

‘Stefan Tzakov combines vast experience and knowledge, with analytical capabilities, pragmatism and business notion. Stefan is great for any kind of project, from the tendering stage if any, to dispute resolution, if needed, to execution and successful completion. He is great at navigating you through legal complexity and instrumental in achieving results. His specialties are energy, transport and infrastructure.’

‘Elena Apostolova – excellent expert in public procurement, a knowledgeable, competent and hard-working lawyer.’

Key clients


HS Timber

Consortium HSS-Monolit


Four Paws

United Group


Consultancy Engineering Group






China Zhongyuan Engineering Corporation (CZEC)

River Park

Sofia Municipality

Work highlights

  • Represented the consortium HSS-Monolit Sofia with regard to a public procurement procedure for the design and construction of a new section of the Third Line of the Sofia metro.
  • Advised Alstom Transport S.A. on certain aspects of a public procurement tender of the Bulgarian State Railways (BDZ).
  • Advising United Group on a renewable energy project in Bulgaria.

Wolf Theiss

Wolf Theiss handles top-end infrastructure projects, such as advising the European Investment Bank on the financing of the Bulgaria-Greece Interconnector project, as well as cross-border privatisations and concessions. The multidisciplinary team also represents the lenders, including EBRD, IFC and UniCredit Bulbank, among others, in the financing of Sofia Airport Concession. Managing partner Anna Rizova leads the practice group, which includes corporate partner Richard Clegg, whose expertise lies in infrastructure and regulated sectors, banking and finance specialist Katerina Kraeva and Radoslav Mikov, who handles a broad spectrum of energy-related mandates.

Practice head(s):

Anna Rizova

Other key lawyers:

Richard Clegg; Katerina Kraeva; Radoslav Mikov; Katerina Novakova


‘Wolf Theiss has a strong collaboration network and partners across several jurisdictions.’

‘They understand the commercial aspects of the transactions and appreciate and try to accommodate the specifics of our institution.’

‘Their virtual workspace is user-friendly.’

‘The lawyers are very knowledgeable, diligent and pleasant at their business interactions.’

Key clients

EBRD, BSTDB, IFC, Kommunalkredit Austria, Societe Generale, UniCredit Bulbank, DSK Bank and UniCredit Bank (Lenders – Concession of Sofia Airport)

Axpo Bulgaria

Arco Capital Corporation


European Bank for Reconstruction and Development


Vesto Energy

Work highlights

  • Advising the European Investment Bank on the financing of the Bulgaria-Greece Interconnector Project, extended to the Bulgarian Energy Holding and guaranteed by the Bulgarian State.
  • Advising as single local counsel South Stream Transport B.V, now – Turk Stream, on all matters in Bulgaria related to the construction and development of the offshore part of the South Stream gas pipeline from Russia to Europe, currently developed as Turk Stream.
  • Advising the lenders on the financing of Sofia Airport Concession.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria acts for public sector clients, including ministries, state agencies, municipalities and financial institutions, on mandates pertaining to the financing of infrastructure projects, as well as public procurement and concessions. The practice counts private sector companies among its roster of clients, including Manchester Airport Group and Trace Hold Group, which it is advising on the reconstruction of the railway line between Nis and Brestovats. Managing partner Andrey Delchev leads the team, which includes key adviser Magdalena Valova.

Practice head(s):

Andrey Delchev

Other key lawyers:

Magdalena Valova

Key clients

Council of Ministers

Manchester Airport Group

Ministry of Regional Development and Public Works (MRDPW)

Ministry of Environment and Waters

Sofia Municipality

Trace Group Hold

World Bank

Work highlights

  • Advised World Bank on the development of different policy and regulatory instruments for meeting air pollution emissions targets under the EU law.
  • Prepared an analysis and submitted a proposal to the Council of Ministers for possible solutions for improving the concession policy for mineral resources in the Republic of Bulgaria.
  • Provided specialised legal assistance to the Ministry of Regional Development and Public Works in the administration of signals for irregularities under the Operational Programme “Regions in Growth” 2014-2020.

Boyanov & Co.

Noted for its capability in renewable energy and nuclear power projects, Boyanov & Co. leverages the expertise of teams across the firm, including finance, energy, TMT, real estate and construction, among others, to also advise clients on concessions; its recent work includes representing Fraport in a tender procedure for granting concession for Sofia Airport. ‘Experienced’ partner Nickolay Nickolov, who heads the real estate and construction department and has experience in handling infrastructure projects, jointly leads the practice alongside energy specialist Alexander Chatalbashev.

Practice head(s):

Alexander Chatalbashev; Nickolay Nickolov

Other key lawyers:

Svetlana Tsvetkova; Mihail Vishanin


‘Nikolay Nikolov is an highly educated and experienced lawyer, who has a great expertise and possibility to react in every situation and amendments of the client’s project.’

‘Mihail Vishanin – excellent knowledge of public procurement.’

Key clients


Three Seas Initiative Investment Fund

Sevlievo Gas

I & B Real Estate

LINK Mobility Group

Golf Okol


Silver Star

Willbrook Management

ITower Development

CAF Signalling

Eurobank Bulgaria

Indotek Group

Rodna Zemya Holding

Sabadell Real Estate Development S.L.

Real Estate Development

Hewlett-Packard Global Delivery Bulgaria Center

Apollo Aviation Group (currently Carlyle Aviation Partners)


Macquarie Aircraft Leasing Services

Work highlights

  • Advising Three Seas Initiative Investment Fund on a transaction for the acquisition of a majority stake in the Austrian independent renewable power group Energy Development.
  • Advised The International Investment Bank on the Bulgarian aspects of two syndicated financings by International Investment Bank and the Bulgarian Development Bank for the purposes of the expansion of the Bulgarian national gas transmission system.
  • Advised Fraport in relation to a tender procedure for granting concession for the Sofia Airport.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co acts for domestic and international companies across the energy, TMT and real estate sectors on concessions, projects and public procurement tenders, as well as large-scale acquisition financings. ‘Legal giant’ and litigator Metodi Baykushev jointly leads the practice alongside Boyana Milcheva, who is noted for her expertise in real estate and construction projects, while senior associates Pencho Stanchev and Donka Stoyanova are key members of the team. Notable client gains include IT distributor Exclusive Networks SAS, Elta 90 M and Bulad Dent.

Practice head(s):

Boyana Milcheva; Metodi Baykushev

Other key lawyers:

Pencho Stanchev; Donka Stoyanova


‘Dimitrov, Petrov & Co has a carefully selected team of legal experts and they keep investing in the lawyers’ professional development.’

‘Metodi Baykushev and Boyana Milcheva are both outstanding legal advisors and managers. Pencho Stanchev has been doing a great job too. His competence was of great help to our largest project.’

‘They have experts with diverse backgrounds which is very useful, as they can advise on projects from virtually all industries, from conceiving to their successful implementation. They are not afraid to do things that haven’t been done before. They communicate very well with public authorities.’

‘Metodi Baykushev is a legal giant. I am short of words to describe all he has done for us. I think he also has a great team behind him. Boyana Milcheva is a brilliant lawyer, especially when it comes to real estate.’

Key clients

Exclusive Networks SAS


Elta 90 M

Association of Foreign Language Educational Centres

Bulad Dent


Tradenet Varna

Evrotrust Technologies

VM Petroleum


Mareshki Real Estates

Excelion Development

Work highlights

  • Advised Exclusive Networks SAS on the acquisition of Veracomp.
  • Advised Networx-Bulgaria on the sale of the company to BTC.
  • Providing full legal assistance in the acquisition of new office building by Elta 90 M.


The interdisciplinary team at Schoenherr (in cooperation with Stoyanov & Tsekova) has experience of acting for public and private sector clients on major energy, infrastructure and industrial projects, as well as public procurements. Stefana Tsekova heads the practice group and is experienced in handling energy projects, including advising Alstom on an open €65m railcars maintenance tender procedure announced by the Bulgarian Railway Company. Office managing partner and M&A specialist Alexandra Doytchinova is another key contact in the team.

Practice head(s):

Stefana Tsekova; Alexandra Doytchinova

Other key lawyers:

Dimitar Kairakov


‘Promptness, professionalism, extensive experience and easy to approach.’

‘Stefana Tsekova is a brilliant, experienced lawyer with a good and quick understanding of the case.’

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

Key clients

China Development Bank

Liechtenstein Group

Petrom S.A.

Enery Development

European Commission


SAP LABS Bulgaria


OMV Bulgaria

Alstom SA

UniCredit Bulbank

MET Group


Woodside Energy

Concordia Bulgaria

Work highlights

  • Advised Enery Development on the acquisition of Karadzhalovo PV park, with installed nominal capacity of 50MW and installed peak capacity of 60.4MWp.
  • Advised MET Group on the acquisition of 42 MW wind park from Enel Green Power.
  • Advised China Development Bank with respect to €330m loan agreements to support projects in Bulgaria under the Belt and Road Initiative.

Arsov Natchev Ganeva

Arsov Natchev Ganeva is noted for its capability in handling transport infrastructure projects and demonstrates expertise in the waste collection, water and energy facilities and utilities sectors. Managing partner Svetlana Ganeva, who focuses on concession projects, leads the practice alongside Dessislava Lukarova. Kamelia Angelova is often engaged in public procurement procedures. The team counts private investors and state authorities among its key list of clients.

Practice head(s):

Svetlana Ganeva; Dessislava Lukarova

Other key lawyers:

Kamelia Angelova

Key clients

Veolia Group & Sofiyska Voda

Ministry of Transport, Information Technology and Communications of the Republic of Bulgaria

Work highlights

  • Advised Veolia Group & Sofiyska Voda on specific PPP and concession matters relating to the Concession Agreement of Sofiyska Voda for provision of water and sewerage services on the territory of Sofia Municipality and the concession legal regime in the Republic of Bulgaria.
  • Consulted Ministry of Transport, Information Technology and Communications regarding the projected concession over the state-owned Port Varna.

Georgiev, Todorov & Co

Georgiev, Todorov & Co counts investors, municipalities and companies, including Vatia Holding, G.P. Group and Galchev Engineering, among its roster of clients and advises on infrastructure and real estate projects, including public procurement, due diligence, planning and development, and construction. ‘Goal-driven professional’ and practice leader Miglena Peneva specialises in real estate and construction projects, while Arno Mamasyan provides representation to clients, such as Galchev Engineering, in disputes.

Practice head(s):

Miglena Peneva

Other key lawyers:

Arno Mamasyan


‘Miglena Peneva is a hard-working, goal-driven professional, whose specialism is in real estate and construction, as well as projects and public procurement, and therefore is able to see all legal implications of the issues which most often leads to an effective result for the client. In addition, she is an excellent litigator with outstanding negotiation skills and this allows her to represent us in court if needed.’

Their team also has in-depth knowledge of the legal framework of the EU.

The team remained available via social media platforms despite the pandemic which allowed is to feel secure that our legal interests are protected.

The team is comprised of experts, who strictly monitor the development of the regulatory framework and court practice.

Key clients

AG Capital Holding

Agricultural State Fund

Alfred C. Toepfer International Netherlands

BlackPeak Capital

Ciela Norma

Dolna Mitropoliya Municipality

Este Properties

Galchev Engineering

G.P. Group


Metroreklama & MOUTION ARTS

Ministry of Regional Development and Infrastructure

National Association of Property Developers

MTK Trans

Obonato Build

Progetti Plant SRL

Sliven Municipality

Shalev Investment Group

Sofia Bikes Association

Toplivo Corporation

Yambol Municipality

Vatia Holding

Work highlights

  • Advising Vatia Holding on the concession procedure with an investment of €20m for building plants for extraction and processing of aggregates, with a main focus – production through a complete cycle of kaolin and glass.
  • Consulting Yambol Municipality on a project which aims to ensure the protection of health of the population of five municipalities regarding the procedure for issuing a new complex permit for the operation of the installation of “regional landfill for non-hazardous waste”.
  • Advising G.P. Group on two projects with an overall value of €178m for the construction of a sewage treatment plant for drinking water and water supply and the expansion of the metro network in Sofia.


Kinstellar is noted for its capability in this space, as highlighted by its ongoing advice to the concessionaire of Sofia Airport, Meridiam, on matters ranging from the bid submission in the public procurement to the commencement of the concession. Managing partner Diana Dimova, who focuses on public tenders and major infrastructure projects, jointly leads the team alongside Antonia Mavrova, who advises on the construction aspects of project developments.

Practice head(s):

Diana Dimova; Antonia Mavrova

Other key lawyers:

Mladen Minev; Atanas Mihaylov

Key clients



European Bank for Reconstruction and Development (EBRD)

Lion’s Head Investments


GTT Communications

Direct Petroleum

Mining Legal Database

Work highlights

  • Advising CTP on its entry into the Bulgarian market and a series of follow-up acquisitions of real properties for the development of industrial properties and logistic centres.
  • Advising the concessionaire of Sofia Airport, Meridiam, on all Bulgarian aspects from the bid submission in the public procurement to the commencement of the concession.
  • Advising EBRD on the financing of water utility companies for the improvement of water and wastewater infrastructure in Bulgaria.

Penkov, Markov & Partners

Penkov, Markov & Partners’ caseload includes project developments in the real estate and energy sectors, as well as advising BGNova on negotiations with a consortium for participation as sub-contractor under road maintenance and reconstruction PPP contracts for the Bourgas region. Real estate and construction specialist Milena Gaidarska jointly leads the practice group alongside head of litigation Atanas Valov. The practice counts Bulgartransgaz, Viraj Group and ČEZ among its key roster of clients.

Practice head(s):

Milena Gaidarska; Atanas Valov

Key clients


Mondi Stambolijski

Zlatna Panega Cement


Viraj Group

Knauf Bulgaria

Arteks Engineering

Doverie Pension Insurance Company

CCB Real Estate Fund REIT

Gastrade S.A.

BA Glass

Tractebel S.A.


Work highlights

  • Advised Bulgartransgas on its participation in a project regarding the planning, development, management and operation of the Liquefied Natural Gas (LNG) Terminal in northern Greece.
  • Advised BGNova on negotiations for participation as sub-contractor under road maintenance and reconstruction PPP contracts for Bourgas region.
  • Advised Viraj Group on acquisition of a plot and the steps for development of a new stainless steel production plant in Bulgaria together with the development of its adjacent road and utilities infrastructure.