Firms To Watch: Projects and PPP

The projects and PPP team at Kolev, Angelov & Miteva Law Firm, under the guidance of experienced partner Angel Angelov, regularly advises on a range of public procurement, project and concessions mandates.

Projects and PPP in Bulgaria


CMS maintains a strong presence both domestically and throughout the CEE and SEE, particularly on large-scale energy projects. The practice's workload spans project financing and structuring, tender reviews and procedures, and public-private partnerships (PPP) across numerous industry sub-sectors, including pipeline infrastructure, railway development and airports. The team’s multinational client list includes UniCredit Bulbank and Toshiba Corporation, among others. Managing partner Kostadin Sirleshtov, who focuses on energy projects throughout the region, jointly leads the team alongside Dimitar Zwiatkow, who handles regulatory, compliance, energy, corporate and project finance issues.

Practice head(s):

Kostadin Sirleshtov; Dimitar Zwiatkow

Key clients

Arkad Consortium


Green Energy Advisors

First May JSCo

Mitsui Rail Capital Europe



CEZ Bulgaria


Vier Gas Transport

BayWa r.e. Solar Projects

Aksa Enerji

Vestas Development

DSK Bank

Prisma European Capacity Platform


UniCredit Bulbank

DSK Bank

Norfolk Conservation

Work highlights

  • Advised PRISMA European Capacity Platform on the registration of PRISMA Capacity on the platform of the procurement agency, review of the tender documentation and summary of key points.
  • Advised BayWa r.e. Solar Projects on its market entry into Bulgaria.
  • Provided legal assistance to Vier Gas Transport and its subsidiaries in the preparation, application and bid processes of a public procurement procedure held by ICGB AD, as contracting entity.

Djingov, Gouginski, Kyutchukov & Velichkov

Home to one of the largest projects and PPP practice groups in the domestic market, Djingov, Gouginski, Kyutchukov & Velichkov has an impressive track record of advising on the full life cycle of large-scale projects and transactions in the real estate, energy and utilities, and transport sectors. The group assists with all financing, acquisition, regulatory, commercial and public law issues pertaining to projects in these sectors, as well as possessing demonstrable expertise in public procurement and concessions. A testament to the multi-disciplinary approach adopted by the team, the practice group is jointly headed by partners specialising in differing sectors, including Milan Pandev, who is also head of the public procurement and energy and utilities practice, and firm founding partner Stephan Kyutchukov, who heads the real estate and construction practice. Fellow team member Anton Krustev was promoted to partner in 2022.

Practice head(s):

Milan Pandev; Georgi Gouginski; Stephan Kyutchukov; Nikolai Gouginski; Georgi Tzvetkov

Other key lawyers:

Anton Krustev; Kaloyan Krumov


‘I’ve used the legal services of DGKV for many years. Firstly, they have expertise for every subject area I ask about. Secondly, they have high professional standards for building and maintaining relationships with the client. They have fast reactions and deep-dive into every detail of a specific topic. When and where possible, they share and give their opinions on alternative solutions and approaches to be successful and legally compliant.’

Key clients

ContourGlobal Maritza East III

Chariot Motors AD and Consortium Chariot Motors

Higer Bus Company

Shanghai Sensheng Assets Management Centre



Ministry of Energy of the Republic of Bulgaria

NEPI Investment Management SRL


Blocks Group Bulgaria

Bridge Capital


Vitol Gas and Power


Work highlights

  • Advised Chariot Motors and Consortium Chariot Motors/Higer Bus Company in relation to their participation in numerous domestic and international public procurement tenders for the supply of electric buses.
  • Advised ICBC International Finance Limited as Bulgarian counsel on ship financing provided to the Navibulgar group.
  • Advised ContourGlobal Maritza East III as lead counsel on a variety of legal issues pertinent to power generation and supply.

Kambourov & Partners

The ‘highly qualified and resourceful’ team at Kambourov & Partners has a reputation as one of the premier projects and PPP practice groups in Bulgaria, offering a full service to a client roster that comprises companies, state bodies and investors, which the group advises on complex, cross-border mandates pertaining to infrastructure development, project financing, public procurement, and planning and development, among other matters. The team is notably active in the transport, waste, water and retail sectors. Practice co-leader Stefan Tzakov stands out for his ‘exceptional expertise in PPP matters’ and fellow co-head Atanas Shopov is described as being in ‘a league of his own when it comes to real estate matters’ in the space. Deputy head Elena Apostolova is a key name at associate level.

Practice head(s):

Stefan Tzakov; Atanas Shopov

Other key lawyers:

Elena Apostolova


‘We would like to highlight Stefan Tzakov because of his exceptional expertise in PPP matters.’

‘Kambourov’s projects and PPP practice is composed of team members with expertise across the board and experience in key projects on the Bulgarian market. They provide seamless service in every area you may require for a project, be it in real estate, transport, energy, manufacturing or infrastructure. The team is highly qualified and resourceful, with deep knowledge of regulatory bodies and requirements. Altogether they have excellent capabilities and strong competence in the development of projects in all areas of the Bulgarian economy.’

‘Kambourov’s team stands out for its proven experience, deep understanding of the law and of the client’s business, utmost dedication and impeccable client service. We rely mainly on Stefan Tzakov and Atanas Shopov. Atanas is in a league of his own when it comes to real estate matters. He understands the market like nobody else and has a unique ability to drive projects forward. Stefan is the best energy lawyer on the local market and a top-rate public procurement expert. His intelligence, clear-headedness and methodical approach have helped us immensely.’

‘Kambourov & Partners has a multidisciplinary team, which is essential in this area because of the multiple legal aspects of projects. They combine extensive experience and knowledge, agility and great resources.’

‘The lawyers are all highly qualified experts, but what makes them truly stand out is the ability to transpose legal concepts into commercial solutions, as well as their proactiveness, dedication and tailored approach. We mostly work with Stefan Tzakov and Atanas Shopov. Stefan is an exceptional expert in energy and public procurement, with immense knowledge and understanding of the law. His thoroughness, precision, analytical mind and business sense are some of the qualities that make him an outstanding lawyer.’

‘Atanas is a stellar specialist in real estate, construction and infrastructure matters. He has advised us since the very start of our operations in Bulgaria and we highly value his expertise, industry insight and commercial focus, as well as his efficiency, negotiation skills and commitment to our interests.’

Key clients

Consortium HSS-Monolit Sofia


United Group

Consultancy Engineering Group

HS Timber

Kapsch Trafficcom

CWP Europe

Bulgarian Telecommunications Company (BTC/Vivacom)



Ares Engineering M

Witte Automotive

Alstom Group

Plobur Consortium


Work highlights

  • Advised the consortium HSS-Monolit Sofia on the design and construction of a new section of the third line of the Sofia metro.
  • Advised SRT on its participation in several public procurement procedures related to the acceptance, management and transport of waste.
  • Assisted Alstom and Bombardier with the planning of their operations in Bulgaria with respect to forthcoming tenders for railroad and transport infrastructure rehabilitation.

Wolf Theiss

Major project development, privatisation and concessions (including cross-border matters) comprise the core pillar of Wolf Theiss‘ projects and PPP practice, as the team is frequently engaged on a host of infrastructure procurement tenders, greenfield projects and energy project structuring. The group regularly advises international banking institutions on such work, including the European Bank for Reconstruction and Development (EBRD), Deutsche Bank and UniCredit, under the guidance of practice leader and managing partner Anna Rizova. She receives support from Richard Clegg, banking and finance partner Katerina Kraeva and energy specialist Radoslav Mikov. Katerina Novakova is a key name at associate level.

Practice head(s):

Anna Rizova

Other key lawyers:

Richard Clegg; Katerina Kraeva; Radoslav Mikov; Katerina Novakova


‘Attention to detail and professionalism.’

‘Commitment and vision.’

Key clients


European Investment Bank




AOT Energy Macedonia

Belozem Solar Park

SunR Groupe

Zantingh Energy Services

Work highlights

  • Advised a consortium of international financing institutions on the financing of the concessionaire of Sofia Airport.
  • Advised Three Seas Investment Fund on its acquisition of a minority share in BMF Port Burgas.
  • Advised a publicly listed Canadian minerals exploration company on different prospecting and exploration projects in Bulgaria.

Andrey Delchev and Partners - Eurolex Bulgaria

Expertise in the public sector is a defining characteristic of the practice group at Andrey Delchev and Partners - Eurolex Bulgaria, which acts as preferred adviser to a sizeable proportion of Bulgarian public entities, including the Ministry of Transport and Communications, the Ministry of Energy and the Council of Ministers, on large-scale infrastructure projects, and public procurement and financing structures for renewable energy projects. Highly experienced arbitrator and managing partner Andrey Delchev co-leads the department alongside public procurement and concessions expert Magdalena Valova.

Practice head(s):

Andrey Delchev; Magdalen Valova

Other key lawyers:

Severina Luibenova

Key clients

Council of Ministers of the Republic of Bulgaria

Ministry of Regional Development and Public Works

Ministry of Energy of the Republic of Bulgaria

Ministry of Transport and Communications

Sofia Municipality

Geodesy, Cartography and Cadastre Agency

National Trust EcoFund

Public Enterprise Vodovod & Kanalizacija Skopje

Energy and Water Regulation Commission

Work highlights

  • Advised the Ministry of Regional Development and Public Works on whether the public procurement procedure for the “Regions in Growth” programme was compliant with the law.
  • Prepared analyses for the Ministry of Energy of the relevant legal aspects of awarding five concessions in Bulgaria for the prospecting, exploration and extraction of mineral resources.
  • Prepared an analysis of the relevant legal aspects of opening a concession procedure for a port terminal for the Ministry of Transport and Communications.

Boyanov & Co.

Boyanov & Co. fields a team of ‘precise and accurate professionals’, which is best known for its aptitude in handling large-scale and complex projects in the real estate, TMT and transportation sectors. Of late, the team has advised Golf Okol on the full life cycle of a new greenfield residential project, from structuring and acquisition to financing and development matters. Specialist energy practitioner Alexander Chatalbashev jointly leads the practice alongside real estate and construction partner Nickolay Nickolov.

Practice head(s):

Alexander Chatalbashev; Nickolay Nickolov

Other key lawyers:

Svetlana Tsvetkova; Mihail Vishanin


‘Availability of a wide range of legal professionals.’

‘Precise and accurate professionals.’

Key clients

Fraport AG

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

Real Estate Development

Hewlett-Packard Global Delivery Bulgaria Center

Apollo Aviation Group

AerCap No

Macquarie Aircraft Leasing Services

Work highlights

  • Advising a client in relation to the financing, development and potential acquisition of a portfolio of local wind farms.
  • Advising Golf Okol on all legal aspects of a new greenfield residential project, with residential, office and retail buildings, a school, a hospital, a hotel and restaurants.
  • Advising Dundee Percios Metals in relation to its projects in Bulgaria, including the acquisition and putting into operation of concession rights for the first greenfield mine in Bulgaria.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co is home to a ‘strong team’ that draws from a multitude of disciplines to advise clients on mandates that emerge from the real estate, infrastructure, aviation and mining sectors. Public procurement and the development and structuring of large-scale energy projects are among the group’s core specialisms. The mantle of practice head is shared by three partners: Boyana Milcheva, Donka Stoyanova and Metodi Baykushev.

Practice head(s):

Boyana Milcheva; Donka Stoyanova; Metodi Baykushev

Other key lawyers:

Pavlina Ivanova; Nikolay Kolev; Pencho Stanchev


‘Their team is multidisciplinary and everyone is very capable.’

‘I work with Pavlina Ivanova, Nikolay Kolev and Boyana Milcheva. Nikolay is a smart lawyer with a lot of real estate knowledge. Pavlina is the quiet warrior of the team – once she has an aim, she will get there one way or another. Boyana Milcheva leads the team with a lot of sophistication, dedication and genuine care for the client. Her immense experience is extremely valuable for the success of every project.’

‘A great combination of unique professionals who have strengths in different areas, which gives us the opportunity to receive a full-scope service in a short period of time. The lawyers are open for a discussion, including about business issues, which is quite valuable.’

‘DPC as a whole has been very kind and helpful to me. They are great individuals who make up a strong team. I have seen them working together without hesitating to ask each other for advice if the other person is more qualified in a field. You can see respect and kindness towards their colleagues and their clients, which makes them very pleasant to work with.’

‘DPC stand out for their impeccable integrity, amazing level of legal competence and transparent way of working. Also, the work is good value – they always provide me with capped fees which helps us to anticipate legal costs.’

‘Their team includes lawyers with different specialisations which is very useful for large projects. Such multifaceted expertise helps the lawyers to foresee the potential risks in every matter. I would like to mention Boyana Milcheva, Pencho Stanchev and Donka Stoyanova – they all provide winning legal solutions. Donka works fast and is super competent!’

Key clients

European Wind Farms Bulgaria

Alpiq Energy

Sliven Eparchy




Tradenet Varna

New Capital Management


J Investment


Work highlights

  • Advised European Wind Farms Bulgaria on the development of a solar power plant in Bulgaria.
  • Advised Alpiq Energy on the restructuring of its financial agreements with counter parties and the conclusion of a new ISDA master agreement and a new EFET power purchase agreement.
  • Advised Monolitstroy regarding the participation of the company in two public procurement procedures.


Stefana Tsekova heads up the projects and PPP team at Schoenherr and draws from her core expertise in energy and regulatory matters to advise on a variety of renewables, oil and gas, and green financing projects, among other mandates. In a recent highlight, the team advised SpaceX on the rollout of free internet provision via its Starlink satellite internet constellation service. Other key names in the practice include M&A expert and team co-head Alexandra Doytchinova, who lends her expertise to infrastructure projects and both concessions and public procurement matters.

Practice head(s):

Stefana Tsekova; Alexandra Doytchinova

Other key lawyers:

Dimitar Kairakov


‘The team is present, focused and delivers fast solutions.’

‘Dimitar Kairakov understands the matter at stake quickly, and delivers straightforward and on-time solutions.’

‘A team that covers many legal fields.’

‘Stefana Tsekova is a good lawyer.’

Key clients

Space Exploration Technologies Corporation (SpaceX)



Enery Development

Liechtenstein Group

European Commission

MET Group

OMV Bulgaria

Edison Italy

OMV Petrom

Woodside Energy

UniCredit Bulbank


Raiffeisen Bank International

Husqvarna Group



Work highlights

  • Advised SpaceX on the rollout of its Starlink satellite internet constellation service in the CEE and SEE.
  • Advised RGREEN Invest on a green bond to finance the construction of a photovoltaic plant in southwestern Bulgaria.
  • Advised Edison on the Bulgarian corporate and regulatory law aspects of the implementation of the gas interconnector between Bulgaria and Greece.

Arsov Natchev Ganeva

Arsov Natchev Ganeva remains notable for its ability to handle concessions and infrastructure projects, and is instructed primarily by private investor clients and state authorities. The team particularly stands out when it comes to its sector-specific expertise in utilities and communal services, energy and water, transport and construction. Founder and managing partner Svetlana Ganeva leads the practice in co-operation with Dessislava Lukarova.

Practice head(s):

Svetlana Ganeva; Dessislava Lukarova

Key clients

Veolia Group & Sofiyska Voda

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

Kontron Transportation

Work highlights

  • Advised Veolia Group and Sofiyska Voda on specific PPP and concession matters relating to Sofiyska Voda’s concession agreement for the provision of water and sewerage services in the municipality of Sofia.
  • Advised the Ministry of Transport, Information Technology and Communications regarding the concession for the state-owned Port Varna.

Georgiev, Todorov & Co

Georgiev, Todorov & Co continues to broaden the scope of its practice in this area, extending its key disciplines to include work on public procurement and concessions mandates. The team represents state bodies, companies and investors through the life cycle of large-scale infrastructure and real estate projects, advising on the full suite of associated issues. The ‘hardworking and goal-drivenMiglena Peneva heads the department, leveraging her expertise in real estate and construction to provide advice on territorial planning, public procurement and concessions.

Practice head(s):

Miglena Peneva

Other key lawyers:

Arno Mamasyan


‘Georgiev, Todorov & Co’s lawyers are analytical, have a great sense of details and experience which allows them to advise on high-profile deals and court proceedings. The team is comprised of experts who strictly monitor the development of the regulatory framework and court practice. We fully trust their services due to their high success rate and the excellent reputation they have. In addition, their client-orientated approach helps us unleash our business potential.’

‘Our team mainly works with Miglena Peneva, who is a hardworking, goal-driven lawyer, seeking to achieve the most effective result for all the matters we work on with them. It is a real pleasure for us to be advised by such a great professional. In addition, on our recent matters we worked with Arno Mamasyan, who is an expert in corporate and commercial law, has great negotiation skills and offers excellent legal advice.’

‘As a company with many years of experience in key projects in Bulgaria, we have always put a lot of thought into choosing our legal counsel. Georgiev, Todorov & Co. has many years of experience in dispute resolution and public procurement, as well as an exceptional reputation. The team were very well informed of all recent legal changes and case law, and they were very easy to communicate with and analysed all possible risks for our company very carefully.’

‘Our team mainly worked with Miglena Peneva. She stands out for her superb expertise in the real estate and construction field, her excellent negotiation skills and very valuable drafting skills, as well as her ability to prioritise her tasks and at the same time make every client feel appreciated and like their legal issues are being put first. She is a wonderful lawyer.’

‘The team at Georgiev, Todorov & Co. has excellent lawyers, who are also specialists in EU law. The law firm explained all the different regulations to us in the best possible way and complied with the relevant directives of the EU regarding the financing of projects. In addition, they were always very responsive, with great client care, and offered creative solutions.’

‘They have excellent knowledge in the field of both local, EU and international law, and among their strengths is not only their experience, but also their analytical skills, eye for detail and negotiation abilities.’

‘Miglena Peneva has been our key lawyer for years and we have been very happy with the legal services provided by her. She analyses all issues in detail, is very responsive, and has excellent drafting skills, as well as managing her time well and working well in a team.’

Key clients

AG Capital Holding

Agricultural State Fund

Alfred C. Toepfer International Netherlands

BlackPeak Capital

Bulgarian Branch Chamber “Roads”

Ciela Norma

Dolna Mitropoliya Municipality

Este Properties

Galaxy RE

Galchev Engineering

G.P. Group


Hemus Motorways

LIEL Construction


Ministry of Regional Development and Infrastructure

National Association of Property Developers

MTK Trans

Obonato Build

Progetti Plant

Silistra Municipality

Sliven Municipality

Shalev Investment Group

Solar Land

Sofia Bikes Association

Toplivo Corporation

Yambol Municipality

Vatia Holding

Work highlights

  • Acted as lead legal counsel to the Bulgarian Branch Chamber “Roads” on issues related to the maintenance of the entire national road network.
  • Advised Solar Land on issues relating to the development of a power plant.
  • Advised Toplivo Corporation in relation to the termination of the contract providing a state grant to the company for the optimisation of energy costs and the production capacity of the company.


Kinstellar's team regularly advises on projects in the infrastructure, industrial, energy and real estate sectors, both at a domestic level and throughout the CEE and SEE regions. Public procurement, concessions and energy projects remain the core pillars of the practice, which has a client list that includes Astronergy and NovEnergia. Managing partner Diana Dimova co-heads the team with Antonia Mavrova.

Practice head(s):

Diana Dimova; Antonia Mavrova

Other key lawyers:

Mladen Minev; Atanas Mihaylov

Key clients


SOF Connect


European Bank for Reconstruction and Development (EBRD)


GTT Communications

Direct Petroleum

European Development Bank


Mining Legal Database

Maple Media

Yellow Tree

Work highlights

  • Advised Astronergy in relation to the potential acquisitions of major greenfield energy projects.
  • Advised SOF Connect on the 35-year concession of Sofia Airport.
  • Advised CTP on strategic real estate acquisitions aimed at the development of logistics parks in Bulgaria.

Penkov, Markov & Partners

Praised by clients for being ‘specialised in any type of urban development procedure, project financing and construction’, Penkov, Markov & Partners focuses on real estate projects but also shows demonstrable acumen in public procurement and concessions matters. Real estate specialist Milena Gaidarska jointly leads the group with M&A partner Atanas Valov.

Practice head(s):

Milena Gaidarska; Atanas Valov

Other key lawyers:

Boris Strijlev


‘Milena Gaidarska is the main contact person in the team for all our projects and her vast knowledge of real estate and zoning law makes her a valuable asset in negotiations and the development of new projects.’

‘Boris Strijlev is one of their more notable lawyers from the younger generation. He combines solid legal knowledge and a pragmatic approach (as most of their team members do) and is a reliable professional with whom we expect to be working more and more closely in the future.’

‘The team at Penkov, Markov & Partners is specialised in any type of urban development procedure, project financing and construction, and thus we use their expertise not only in the sphere of real estate law, but also in relation to the holistic development of our projects and structuring of our acquisitions.’

‘Atanas Valov has huge experience in real estate matters.’

Key clients


Global Biomet

Mondi Stambolijski

Zlatna Panega Cement


Viraj Group

Knauf Bulgaria

ARTEKS Engineering

Doverie Pension Insurance Company

CCB Real Estate Fund



BA Glass Bulgaria

GD Capital Management

Eura Energy


Baringa Bulgaria


Solar Vision

Work highlights

  • Advised Bulgartransgaz on a liquefied natural gas terminal project in northern Greece.
  • Advised Tesmec Rail on the public procurement tender for the delivery of specialised railway diagnostic vehicles.
  • Advised Viraj Group on a project for the construction and development of a new stainless steel elements production facility and associated infrastructure.