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Europe Guide

Energy — Bulgaria


CMS - Energy Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Handles a range of renewable energy projects, with experience in the financing, construction and management of photovoltaic power plants and wind parks. Advises on related environmental law issues, including matters involving pollution, radioactivity and the legislation surrounding climate change. Also skilled at dealing with energy disputes and regulatory proceedings. Its extensive network within CEE and cross-border expertise attracts major international clients.

Strengths Interviewees agree that CMS is "one of the top firms in the energy sector."

A client praises the team's "timely, exhaustive and competent legal advice discussed from different perspectives."

Work highlights Advised SDN on a EUR62 million refinancing of two photovoltaic projects.

Advised UniCredit Bulbank on a EUR63 million refinancing of a photovoltaic project.

Notable practitioners

Kostadin Sirleshtov leads the firm's energy, projects and construction department, and is described as "a brilliant lawyer highly known in the market." Other sources say: "The market sees him as a top energy expert." He advised CEZ on various legal matters including regulation, public procurement, administrative procedures and competition issues.

About the Team (content provided by CMS )

Energy has been one of CMS Bulgaria’s strongest practice areas for many years now and various levels of lawyers (partners, seniors, associates as well as trainees) have played an important role in keeping the high level of the services we have provided to our clients. We consider ourselves the dominant law firm on the Bulgarian legal market in certain areas, such as renewables, upstream oil & gas and regulatory.

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Djingov, Gouginski, Kyutchukov & Velichkov - Energy Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Standout team boasting specialist knowledge across all areas of the Bulgarian energy sector. Offers notable experience in the gas, electricity and renewables areas, providing advisory and transactional services as well as handling disputes. Also adept at dealing with regulatory issues relating to mining, infrastructure and water and district heating. Highly experienced in project development and delivery matters, including gas and oil pipelines, electricity production and energy distribution. Often handles complicated financing of projects for power companies.

Strengths A source appreciates the team's "client-oriented approach," reporting: "All our urgent issues are responded to with correct advice in a timely manner."

An interviewee is impressed with the team's "efficiency when it comes to complex matters and tight deadlines."

Work highlights Advised Enel Green Power International on the Bulgarian aspects of a EUR2 billion pan-European wind assets consolidation.

Advised China CEFC Energy on the Bulgarian side of the USD680 million global acquisition of Rompetrol.

Notable practitioners

Practice head Milan Pandev is considered to be a "highly qualified expert in the fields of energy and corporate law." A source enthuses: "He is a highly experienced practitioner and knows the market inside out." He acted for Shanghai Chaori International Trading on a court proceeding regarding the revocation of an arbitral award.

Anton Krustev is regarded as an "expert in energy litigation and regulatory matters." A market source highlights his "particularly quick and helpful advice," adding: "His conclusions remained well grounded and consistent." He assisted Gazprom Marketing & Trading with a receivables settlement arising out of CO2 allowances transactions with Bulgarian-based energy companies.

About the Team (content provided by Djingov, Gouginski, Kyutchukov & Velichkov)

Our Energy and Utilities practice group has the expertise to provide full scope assistance to clients interested in investing in energy resources in Bulgaria. The practice group provides advice on energy related issues such as:

  • power generation, distribution and supply, oil & gas and water industries;
  • power purchase agreements;
  • electricity, petrol and gas sale agreements;
  • regulatory framework advice;
  • structuring and implementation of joint venture projects, including preparation and negotiations of complex documentation;
  • pricing regime;
  • licensing regime;
  • concession granting regime and procedures;
  • public procurement;
  • site development;
  • environmental liabilities assessments and other environmental issues;
  • project finance. 

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Kambourov & Partners - Energy Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-reputed energy practice, offering noteworthy experience in litigation as well as financing and regulatory matters. Works for a range of domestic and international clients including project developers, lenders and governmental organisations. Extensive activity in renewables, nuclear power, natural gas and mining, with a strong presence in the electricity trading sector. Regularly assists the government on regulatory mandates.

Strengths A source considers the practice one of the best, describing it as "experienced and competent."

A client notes the team for its "strong substantial argumentation."

Work highlights Advised the European Federation of Energy Traders (EFET) on its master agreements for the delivery and acceptance of electricity and natural gas.

Acted for the Electricity System Operator on a EUR16 million litigation brought by renewable energy generators and electricity traders.

Notable practitioners

A "reputable energy lawyer skilled at litigation," Stefan Tzakov heads the energy practice at the firm. He often advises EFET on the Bulgarian energy market. A client reports: "He demonstrated excellent strategic thinking and brought outside-the-box solutions to the table." He recently advised Trafigura on a cross-border project with regard to natural gas transmission.

About the Team (content provided by Kambourov & Partners)

Widely considered as the leading energy law firm in the country, KP is indeed the only outfit in Bulgaria capable of providing the full range of legal services pertaining to every aspect of the energy sector: nuclear, gas, mining, fuels, electricity generation, electricity distribution and supply, trading in electricity, renewable energy resources, regulatory, project finance, and litigation.

It is the latter that particularly sets the firm apart from our competitors as it has a broad practice representing clients before Bulgarian courts, the Commission on Protection of Competition, the State Energy and Water Regulatory Commission, the Ministry of Economy and Energy, the Ministry of Regional Development and others. 

The team provides investor-owned utilities, energy project developers, pipelines, energy marketers, equity investors, lenders, investment bankers, governmental entities with advice on all legal, licensing and tax aspects associated with investments in the energy sector, electricity generation and distribution, including renewable energy resources.

The firm handle the full range of energy regulatory issues, including energy pricing, cross-border trading in electricity, approvals associated with mergers and acquisitions, post-acquisition restructurings, corporate and commercial law matters, financing in the sector, planning and development of new build.

 


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Andrey Delchev and Partners - Eurolex Bulgaria - Energy Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-reputed energy practice with significant expertise advising international clients on high-profile thermal and renewable power projects. Particularly noted for its adroit handling of downstream work. Also highly active in the field of natural resources, offering experience dealing with water supply, waste management and mining matters in addition to regulatory issues associated with climate change.

Strengths A client enthuses: "They provide a successful combination of knowledge, experience, fast response time and the ability to work with experts from various fields."

One market commentator characterises the team as "knowledgeable and reliable."

Work highlights Assisted Bulgartransgaz with a EUR100 million gas transmission project between Bulgaria and Turkey, carrying out a legal analysis of the feasibility study.

Advised the EBRD and the Bulgarian Ministry of Energy on hthe financing of the EUR10 million DESIREE gas project.

Notable practitioners

Managing partner Andrey Delchev heads the practice and serves as the president of the Bulgarian Petrol and Gas Association. He assisted the Energy and Water Regulation Commission with regulatory issues relating to gas supply agreements connected with its decision to revoke the City Gas licence to supply gas to the city of Lovech.

About the Team (content provided by Andrey Delchev and Partners - Eurolex Bulgaria)

Department profile not yet provided by Andrey Delchev and Partners - Eurolex Bulgaria. Please see their firm profile.

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Boyanov & Co. - Energy Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Highly respected firm noted for its presence in the energy sector. Regularly acts on large-scale nuclear energy projects in addition to matters within the renewable, oil and gas and electricity fields. Experienced in advising international clients on disputes, regulatory issues and financing transactions. Regularly acts as a local counsel on international projects working in co-operation with major US and UK firms.

Strengths An interviewee reports: "They always react promptly and at a very high-quality level, and their advice is hands-on and practical."

A source calls the team a market leader, noting: "They have broad knowledge of all the energy fields."

Work highlights Assisted Sunowe Solar with a EUR5 million debt collection matter, performing due diligence, negotiating and handling the enforcement.

Advised Bulgarian subsidiaries of Austrian client EVN on a variety of regulatory and contractual matters.

Notable practitioners

Head of the energy and natural resources department Alexander Chatalbashev is "an excellent energy practitioner" with experience in handling M&A and corporate matters as well. A market commentator reports: "His work in the energy sector is outstanding." He recently assisted the Hungarian subsidiaries of EVN Group with regulatory matters and represented it in court cases with the Electricity System Operator.

About the Team (content provided by Boyanov & Co.)

The Energy Practice of BOYANOV & Co. is renowned for its coverage of all key areas of the energy sector combined with in-depth knowledge of specifics of various industries. BOYANOV & Co. has advised:

  • on all nuclear energy projects in the country for more than a quarter of a century, including recently Westinghouse on a new nuclear unit at the Kozloduy NPP and Rosatom on the Belene NPP project;
  • on all transnational oil and gas infrastructure projects such as Bourgas-Alexandroupolis, NABUCCO, South Stream and Turkish Stream gas pipeline projects, as well as on gas interconnectors with neighbouring countries;
  • major international companies in the oil and gas exploration sector on joint ventures, regulatory matters and contentious matters;
  • many renewable energy projects and financings thereof.

BOYANOV & Co. has an excellent pedigree in the electricity sector. The firm has been actively involved in the privatisation and restructuring of the sector and has advised EVN on major regulatory and commercial contentious and litigation issues involving EVN’s Bulgarian electricity supply and transmission businesses.



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Penkov, Markov & Partners - Energy Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Respected team offering expert knowledge of energy sector regulations and substantial expertise in the area of renewables. Represents both foreign and Bulgarian entities in gas, electricity and biomass-related matters. Also advises on wind projects and administrative regulatory litigation. Often acts for the Bulgarian Chamber of Commerce and Industry on energy-related matters.

Strengths Sources describe the team as "one of the most established firms with a solid bench and years of experience."

Work highlights Acted for Mondi Stamboliiski on a BGN10 million compensation for major industrial companies for reducing the weight related to renewable energy expenditure.

Advised Noble Drilling on regulations concerning drilling activity and rig placement in the Black Sea.

Notable practitioners

Vladimir Penkov is considered by sources to be "one of the most prominent lawyers in the country, not only in the energy field, but in many other spheres of the law." He recently acted for over 30 renewable energy producers on a dispute with the Bulgarian government in connection with the recovery of an unconstitutionally imposed 20% fee for wind and solar power producers.

About the Team (content provided by Penkov, Markov & Partners)

Department profile not yet provided by Penkov, Markov & Partners. Please see their firm profile.

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Spasov & Bratanov Lawyers' Partnership - Energy Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Noteworthy local firm with solid experience in the financing and development of projects in the energy sector. Regularly acts on the setting up of companies in the field, with particular expertise in the areas of gas and electricity. Works for a range of clients including energy companies, lenders, developers and governmental entities and often advises on international transactions. Well positioned to advise on regulatory and contentious matters for power producers and retailers.

Strengths Sources report: "They are well known for their finance work for energy projects."

An interviewee is impressed by the "high-quality documentation" the team produces.

Work highlights Acted for the local subsidiaries of the AES Corporation on the refinancing and operation of the 670 MW Maritza East 1 coal power plant and the 156 MW St Nikola wind farm.

Advised UniCredit Bank Austria on the refinancing of the 20 MW photovoltaic plant owned and operated by Moncada Construttori.

Notable practitioners

Vassil Hadjov is "a long-standing energy lawyer" with additional finance and corporate expertise. He utilises his Japanese language skills to represent Japanese clients in a variety of energy matters. A client calls him a "very likeable, down-to-earth person" and a "business-minded practitioner with great knowledge about the Bulgarian and international energy sector."

About the Team (content provided by Spasov & Bratanov Lawyers' Partnership)

Department profile not yet provided by Spasov & Bratanov Lawyers' Partnership. Please see their firm profile.

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Wolf Theiss - Energy Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Solid capabilities covering the financing, development, construction and operation of energy projects. Skilled at handling both local and cross-border matters spanning the areas of oil and gas, nuclear and renewable energy and electricity trade. Acts for a broad range of clients including state-owned companies, regulators, energy service contractors and financial institutions. Experienced in handling cross-border energy projects in the CEE/SEE region, utilising its extensive network in the region.

Strengths An interviewee describes the group as a "meticulous team which produces an accurate product and is a pleasure to work with."

A client appreciates the team for its "profound knowledge of the local energy legislation as well as the regulatory framework."

Work highlights Acted as local counsel to South Stream Transport on the construction and development of the offshore aspects of the USD10 billion South Stream gas pipeline project.

Assisted Edison Trading with the restructuring of its electricity trading business operation in Bulgaria and Greece.

Notable practitioners

"Well-known energy expert" Radoslav Mikov co-heads the department. Drawing on his experience as head of regulatory management of E.ON Bulgaria, he is particularly praised for his handling of electricity matters, from generation and transmission to distribution. One client says that they are "impressed with his strong commitment, broad experience in the energy sector and exceptional knowledge of the legal framework and market behaviour."

"Diligent" and a "promising young lawyer" Oleg Temnikov often assists with complex energy transactions. He recently assisted Frea Axpo with its analysis of the Bulgarian and EU legislation related to electricity trade and drafting a contractual framework relating to its participation in a combined balancing group of renewable energy generators.

About the Team (content provided by Wolf Theiss)

As the only law firm to have an energy practice dedicated to the CEE and SEE region, we are best positioned to keep up with the most recent developments in this complex and fast-changing sector.

Our Reputation

We have one of the most experienced energy teams with first hand expertise in nuclear, renewable and conventional power generation, oil and gas E&P and infrastructure development, electricity and natural gas transmission, distribution, supply and liberalized markets trade. We have supported clients in the development, licensing, financing and O&M activities of landmark projects in Bulgaria and the SEE region.

Our Cases

We have successfully demonstrated in-depth expertise and had key roles in a number of large energy projects across CEE and SEE, such as the South Stream natural gas pipeline development under the Black Sea, or the largest photovoltaic project on the Balkans - the Karadjalovo PVPP.

Our Role

Our team has extensive expertise in the energy sector covering a wide spectrum of matters related to the regulatory framework such as generation, public procurement, licenses and tariffs, connection to the grid, electricity distribution, non-discriminatory compliance programs and equal access issues, retail supply and electricity trade, as well as construction matters. Our lawyers have industry background that gives us unrivaled advantage to understand and speak the business "language" of our clients, thus creating additional value to our services.



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Dinova, Rusev & Partners - Energy Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Noted for its representation of renewable energy producers and electricity traders in significant energy disputes and administrative proceedings. Regularly retained to protect the interests of foreign investments in disputes with the Bulgarian government. Well recognised for its engagement in wind power projects. Also advises a wide range of clients including major financial institutions on both domestic and cross-border transactions, with substantial experience of large-scale energy projects.

Strengths A client enthuses: "They are very knowledgeable in the technical aspects of energy, and think outside the box."

An interviewee praises the team's commercial approach, adding: "They find practical and workable solutions."

Work highlights Assisted Kaliakra Wind Power with the implementation of measures to regulate the Kaliakra protected zone imposed by the ECJ.

Represented Terna Energy in a BGN750,000 dispute with a grid operator in connection with repayment of access fees.

Notable practitioners

Practice head Iliya Grozdanov is an experienced energy practitioner who is particularly "active in energy litigation." One client says that he is "a fast thinker who is very responsive and quick in understanding issues and finding solutions." His recent work includes assisting European Commission Joint Research Centre with a regulatory report on the implementation of further energy efficiency in Bulgaria.

About the Team (content provided by Dinova, Rusev & Partners)

Department profile not yet provided by Dinova, Rusev & Partners. Please see their firm profile.

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Gugushev & Partners - Energy Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Frequently acts for foreign investors on a diverse range of energy projects, with a particular focus on the renewable energy sector, including solar and wind power. Advises on the construction, licensing and operation of energy projects, offering further expertise in legal due diligence and energy regulatory disputes.

Strengths A client praises the team's "strong focus and experience in the energy field, valuable practice, competence and efficiency in handling legal work and issues."

An interviewee lists "competence, experience, responsiveness and a business-oriented approach" as among the team's strengths.

Work highlights Advised Hareon Solar Technology on the daily operation of a solar power plant and related regulatory issues.

Advised Alpiq on all corporate matters related to energy production from its wind farms, and represented it in litigation in connection with access prices.

Notable practitioners

Founding partner Stefan Gugushev handles a wide range of issues, including energy, projects, finance and corporate matters. He is especially recognised for his work assisting "international corporate clients with setting up their Bulgarian enterprises and running their daily operations." He recently advised El Bonus, an electricity trading company, on trade licensing matters.

About the Team (content provided by Gugushev & Partners)

Gugushev and Partners Law Office is a full-service law firm with a strong focus on energy and natural resources matters. As professionals with 10 years of experience we have preeminent reputation in the energy sector, with a successful track record of depth and breadth knowledge, vast experience and problem-solving approach. We are highly skilled at helping clients across the energy and natural resources sector to take advantage of the opportunities, overcome the challenges and protect their interests. We support the clients in all legal and administrative procedures related to the sector, including construction, commissioning and licensing, communication with electricity companies and operators, state agencies and commissions. We advise our clients in the process of entering on the market and to have economically efficient positions, including advices on the energy sale, grid access, balancing market, reporting of regular data and information, assistance on origin certificates procedure, all the statutory requirements for the activity. We monitor the trends in the sector and the EU legislation as the liberalization in Bulgaria has entered into its final stage. Our rich practice allows us to provide comprehensive legal services to significant holdings and legal entities of domestic and international importance. This is the reason why the company is recognized with numerous awards among the years, including Best Law Company of the Year in the annual justice awards in Bulgaria.





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Kinkin & Partners - Energy Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Has an increasingly prominent presence across a range of energy projects, licensing and regulatory issues, with solid capabilities in the renewables sector. Particularly active in the area of energy efficiency in addition to frequently handling trading matters for new investors in the Bulgarian energy market. Also advises on the construction of hydropower plants and the distribution of electricity. Frequently sought after to assist with litigation arising from energy-related matters.

Strengths A client praises the team for its "customised approach to each individual case."

Work highlights Represented VEZ Svoghe in an appeal against the RBMP 2016-2021 river basin management plan in connection with the construction project of nine hydroelectric power stations before the Supreme Administrative Court.

Represented Venture Equity Bulgaria in a dispute with CEZ Electro Bulgaria regarding the purchase price of solar-generated electricity.

Notable practitioners

Head of department Adriana Nacheva is an established lawyer in the area of energy and natural resources. One source recognises her "excellent knowledge on Bulgarian energy law and extensive experience in judicial proceedings." She recently acted for MVEZ Glojene on an appeal against the decision of the director of the River Basin Directorate of the Danube region in connection with the divestiture of a water extraction licence.

About the Team (content provided by Kinkin & Partners)

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Schoenherr (in cooperation with Stoyanov & Tsekova) - Energy Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Frequently acts for local and foreign entities on transactions spanning the fields of electricity, oil, gas and natural resources. Draws on regulatory, construction and financial expertise to offer a comprehensive approach to handling energy projects. Handles matters relating to energy efficiency and within the gas sector as well as litigation cases against tariff imposition and loan condition renegotiation with banks.

Strengths One source highlights the team's "ability to advise on structuring and execution of complex transactions outside of the usual framework."

A client reports that the team's "lawyers are very responsive and have deep knowledge not only of legal frameworks but also of the practical aspects of the energy business."

Work highlights Advised IGI Poseidon on corporate and regulatory issues related to the establishment of a EUR200 million joint venture with Bulgarian Energy Holding and the implementation of the gas interconnector between Bulgaria and Greece.

Advised Raiffeisen Bank International on amendments to the Bulgarian security package following amendments to the senior facility agreement of the existing debt of project companies in connection with ERG Wind Bulgaria.

Notable practitioners

Department co-head Stefana Tsekova is an "excellent legal expert" regularly advising clients on energy and natural resources transactions. She assisted Raiffeisen Bank International with the Bulgarian security package amendments with regard to Wind Bulgaria.

About the Team (content provided by Schoenherr (in cooperation with Stoyanov & Tsekova))

Schoenherr’s regulatory expertise and longstanding experience is recognised as the standard-bearer of regulatory-related advice. By providing a wide-ranging and consistently reliable service, the regulatory practice group, consisting of more than 20 lawyers, has successfully advised leading players in the infrastructure, energy (electricity, oil, gas), waste, pulp, paper, mining, steel, automotive, glass, food, utilities, entertainment, pharmacy and research sectors.

The team also advises stakeholders and public authorities on current legislation and implementation of EU Directives. The practice group’s expertise guarantees comprehensive first-rate legal advice in all matters of constitutional and administrative law, particularly regarding environmental, energy, life sciences, privacy and telecommunications law, as well as privatisations, public private partnerships and public procurement.



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Energy Lawyers - Energy Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Established boutique drawing market recognition for its dedication to energy matters. Active in transactions spanning the fields of electricity, natural gas and energy efficiency, with noted experience advising on regulatory issues as well as investments in the sector. Frequently receives mandates from state-owned enterprises and the regulatory authorities.

Strengths A market observer says that the team is "strong in electricity and gas matters, including related litigation."

An interviewee highlights the team's "expertise and knowledge in energy."

Notable practitioners

Drawing on years of in-house experience in major energy companies, Angela Arshinkova is well recognised for her industry expertise and legal knowledge. Her strong work in the gas sector is particularly noted. A source reports: "We regard her highly and enjoy working with her."

Diana Koleva is highly noted for her handling of energy-related litigation. One source states that "she is extremely good on electricity matters."

About the Team (content provided by Energy Lawyers)

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Ilieva Voutcheva & Co Law Firm - Energy Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Fast-growing practice offering strong knowledge of the renewable sector, notably the production of solar, wind and biomass energy. Particularly active in the construction of power plants, in addition to advising on regulatory issues and disputes. Acts for a varied clientele comprising domestic and international entities operating within the energy sector.

Strengths An interviewee reports: "The way the team handles the workload and the various matters makes it obvious they have extensive expertise in the energy sector."

One client is "impressed by their swift and timely responses to our enquiries and wishes."

Work highlights Represented Sunshine Project in a dispute with the state for damages caused by legislative amendments which were later declared unconstitutional.

Advised City Property on the daily operation of photovoltaic power plants.

Notable practitioners

Rossitsa Voutcheva and Diliana Ilieva are the main points of contact for the practice.

About the Team (content provided by Ilieva Voutcheva & Co Law Firm)

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Kinstellar - Energy Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Enjoys a growing presence within Bulgaria's energy market, notably concerning renewable energy and oil and gas matters. Skilled at handling complex disputes in the sector in addition to offering solid regulatory expertise. Also advises clients on the competition law aspects of energy transactions.

Strengths One client highlights the practice for its "smooth communication, commercial approach, high level of professionalism, in-depth expertise and ability to handle tight deadlines."

An interviewee reports: "They know how to balance the risks and benefits."

Work highlights Advised UniCredit Bulbank on the financing of the EUR100 million construction of the Garitage Park office and residential complexes.

Represented Unit Group in a number of ongoing litigations against a power grid operator.

Notable practitioners

Diana Dimova and Mladen Minev are key contacts at the firm for energy-related matters.

About the Team (content provided by Kinstellar)

Department profile not yet provided by Kinstellar. Please see their firm profile.

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McGregor & Partners - Energy Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Recognised for its activity in the field of renewables, with notable expertise in wind energy mandates. Offers a range of capabilities across the sector, including knowledge of energy generation and transmission, exploitation of natural resources and supply agreements. Reputed for advising clients in energy-related litigation.

Strengths A source reports: "They have a strong litigation practice in the energy sector."

Notable practitioners

Julian Spassov is a key contact for clients.

About the Team (content provided by McGregor & Partners)

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Tocheva & Mandazhieva - Energy Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Handles all phases of renewable energy projects from feasibility studies and development to construction, operation and financing. Particularly experienced in advising on the day-to-day operation of photovoltaic power plants and wind parks. Advises on related environmental law issues, including matters involving pollution, radioactivity and the legislation surrounding climate change. Also skilled at dealing with energy disputes and regulatory proceedings.

Work highlights Advised six Bulgarian power subsidiaries of Samsung C&T on a EUR55 million syndicated bank facility.

Represented four SPVs owned by Samsung C&T in four court proceedings against CEZ Distribution Bulgaria for a EUR1.4 million reimbursement of grid access fees.

Notable practitioners

Tanya Tocheva is the principal point of contact for this department.

About the Team (content provided by Tocheva & Mandazhieva)

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Tsvetkova Bebov Komarevski, Attorneys-at-Law - Energy Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Newly-ranked firm increasingly visible on renewable energy transactions, as well as contentious matters. Often advises on electricity trading and distribution. Also noted for its project financing expertise.

Strengths One client enthuses: "The team demonstrated knowledge of our sector, historical and current regulations, as well as expected developments."

Another source regards the team as "a reliable source of regulatory knowledge in Bulgaria."

Work highlights Advised Energo-Pro Varna on the issuance of EUR130 million seven-year bonds.

Acted for Danske Commodities on regulatory issues concerning the electricity trading business in Bulgaria.

Notable practitioners

Angel Bangachev and Irina Tsvetkova are the main points of contact for this team.

About the Team (content provided by Tsvetkova Bebov Komarevski, Attorneys-at-Law)

Department profile not yet provided by Tsvetkova Bebov Komarevski, Attorneys-at-Law. Please see their firm profile.

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Eminent Practitioner

Penkov, Markov & Partners

From the Chambers Europe guide

Vladimir Penkov is considered by sources to be "one of the most prominent lawyers in the country, not only in the energy field, but in many other spheres of the law." He recently acted for over 30 renewable energy producers on a dispute with the Bulgarian government in connection with the recovery of an unconstitutionally imposed 20% fee for wind and solar power producers.

^ See whole ranking table

Band 1

Wolf Theiss

From the Chambers Europe guide

"Well-known energy expert"Radoslav Mikov co-heads the department. Drawing on his experience as head of regulatory management of E.ON Bulgaria, he is particularly praised for his handling of electricity matters, from generation and transmission to distribution. One client says that they are "impressed with his strong commitment, broad experience in the energy sector and exceptional knowledge of the legal framework and market behaviour."

^ See whole ranking table

Band 1

Djingov, Gouginski, Kyutchukov & Velichkov

From the Chambers Europe guide

Practice head Milan Pandev is considered to be a "highly qualified expert in the fields of energy and corporate law." A source enthuses: "He is a highly experienced practitioner and knows the market inside out." He acted for Shanghai Chaori International Trading on a court proceeding regarding the revocation of an arbitral award.

^ See whole ranking table

Band 1

Kostadin Sirleshtov

CMS

From the Chambers Europe guide

Kostadin Sirleshtov leads the firm's energy, projects and construction department, and is described as "a brilliant lawyer highly known in the market." Other sources say: "The market sees him as a top energy expert." He advised CEZ on various legal matters including regulation, public procurement, administrative procedures and competition issues.

^ See whole ranking table

Band 1

Kambourov & Partners

From the Chambers Europe guide

A "reputable energy lawyer skilled at litigation,"Stefan Tzakov heads the energy practice at the firm. He often advises EFET on the Bulgarian energy market. A client reports: "He demonstrated excellent strategic thinking and brought outside-the-box solutions to the table." He recently advised Trafigura on a cross-border project with regard to natural gas transmission.

^ See whole ranking table

Band 2

Andrey Delchev and Partners - Eurolex Bulgaria

From the Chambers Europe guide

Managing partner Andrey Delchev heads the practice and serves as the president of the Bulgarian Petrol and Gas Association. He assisted the Energy and Water Regulation Commission with regulatory issues relating to gas supply agreements connected with its decision to revoke the City Gas licence to supply gas to the city of Lovech.

^ See whole ranking table

Band 2

Spasov & Bratanov Lawyers' Partnership

From the Chambers Europe guide

Vassil Hadjov is "a long-standing energy lawyer" with additional finance and corporate expertise. He utilises his Japanese language skills to represent Japanese clients in a variety of energy matters. A client calls him a "very likeable, down-to-earth person" and a "business-minded practitioner with great knowledge about the Bulgarian and international energy sector."

^ See whole ranking table

Band 2

Schoenherr (in cooperation with Stoyanov & Tsekova)

From the Chambers Europe guide

Department co-head Stefana Tsekova is an "excellent legal expert" regularly advising clients on energy and natural resources transactions. She assisted Raiffeisen Bank International with the Bulgarian security package amendments with regard to Wind Bulgaria.

^ See whole ranking table

Band 3

Angela Arshinkova

Energy Lawyers

From the Chambers Europe guide

Drawing on years of in-house experience in major energy companies, Angela Arshinkova is well recognised for her industry expertise and legal knowledge. Her strong work in the gas sector is particularly noted. A source reports: "We regard her highly and enjoy working with her."

^ See whole ranking table

Band 3

Alexander Chatalbashev

Boyanov & Co.

From the Chambers Europe guide

Head of the energy and natural resources department Alexander Chatalbashev is "an excellent energy practitioner" with experience in handling M&A and corporate matters as well. A market commentator reports: "His work in the energy sector is outstanding." He recently assisted the Hungarian subsidiaries of EVN Group with regulatory matters and represented it in court cases with the Electricity System Operator.

^ See whole ranking table

Band 3

Dinova, Rusev & Partners

From the Chambers Europe guide

Practice head Iliya Grozdanov is an experienced energy practitioner who is particularly "active in energy litigation." One client says that he is "a fast thinker who is very responsive and quick in understanding issues and finding solutions." His recent work includes assisting European Commission Joint Research Centre with a regulatory report on the implementation of further energy efficiency in Bulgaria.

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Band 3

Gugushev & Partners

From the Chambers Europe guide

Founding partner Stefan Gugushev handles a wide range of issues, including energy, projects, finance and corporate matters. He is especially recognised for his work assisting "international corporate clients with setting up their Bulgarian enterprises and running their daily operations." He recently advised El Bonus, an electricity trading company, on trade licensing matters.

^ See whole ranking table

Band 3

Energy Lawyers

From the Chambers Europe guide

Diana Koleva is highly noted for her handling of energy-related litigation. One source states that "she is extremely good on electricity matters."

^ See whole ranking table

Band 3

Djingov, Gouginski, Kyutchukov & Velichkov

From the Chambers Europe guide

Anton Krustev is regarded as an "expert in energy litigation and regulatory matters." A market source highlights his "particularly quick and helpful advice," adding: "His conclusions remained well grounded and consistent." He assisted Gazprom Marketing & Trading with a receivables settlement arising out of CO2 allowances transactions with Bulgarian-based energy companies.

^ See whole ranking table

Band 3

Kinkin & Partners

From the Chambers Europe guide

Head of department Adriana Nacheva is an established lawyer in the area of energy and natural resources. One source recognises her "excellent knowledge on Bulgarian energy law and extensive experience in judicial proceedings." She recently acted for MVEZ Glojene on an appeal against the decision of the director of the River Basin Directorate of the Danube region in connection with the divestiture of a water extraction licence.

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Associates to watch

Wolf Theiss

From the Chambers Europe guide

"Diligent" and a "promising young lawyer"Oleg Temnikov often assists with complex energy transactions. He recently assisted Frea Axpo with its analysis of the Bulgarian and EU legislation related to electricity trade and drafting a contractual framework relating to its participation in a combined balancing group of renewable energy generators.

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