BOYANOV & Co. Continues its Series of Advising on the Construction of Large Photovoltaic Power Plants in Bulgaria

This time we advised a syndicate of UniCredit Bulbank, United Bulgarian Bank, Eurobank Bulgaria, and Raiffeisen Bank International on the financing of the construction and operation of a 160 MW photovoltaic power plant in Bulgaria (in the Maglizh Municipality).

The PV park is developed by Belozem Solar Park 2 OOD, which S Solar and Syzygy own. The minority shareholder in S Solar is Starcom – one of the main shareholders in Eurohold Bulgaria. Eurohold Bulgaria is one of the largest listed companies in Bulgaria and controls Electrohold Bulgaria – a holding company of the electricity distribution utility in North-Western Bulgaria. Syzygy represents 360 Energy, a notable entity with a significant presence in the renewable energy sector.

Previously S Solar and Syzygy built and operated another large photovoltaic power plant near Dupnitza (Verilla, 123 MW). BOYANOV & Co. advised the lenders on the financing of that PV plant too.

BOYANOV & Co.’s team on the deal was led by banking and finance partner Damian Simeonov and included energy partner Alexander Chatalbashev, real estate partner Nickolay Nickolov, banking and finance principal associate Ralitsa Nedkova, and real estate associate Svetlana Tzvetkova.

BOYANOV & Co. advised the lenders on the transaction structure, the finance documents, and the satisfaction of conditions precedent and carried out a full legal due diligence of the project.

International law firm Dentons advised the lenders on English law matters related to the facility agreement.