Bulgaria’s renewable energy sector has seen significant growth in recent years. In 2024, almost 1 gigawatt of new renewable energy capacity was connected to the grid, predominantly from solar energy. Notably, no new wind farms have been commissioned since 2012, primarily due to administrative barriers and local opposition. However, investor interest remains high, especially in the southern and northwestern regions. Projects like the 238-megawatt Tenevo hybrid solar plant in Yambol, which plans to integrate a solar park, wind turbines, and energy storage, exemplify this trend.

Bulgaria’s energy sector has been undergoing deep and rapid reforms. The combination of the effects of the war in Ukraine and the related sanctions, the European Green Deal and the rapid decrease of investment costs for renewables, the commitments for a coal-free future, and the neighboring discoveries of natural gas in the Black Sea – all combined with the unprecedented support for nuclear energy – is putting Bulgaria on the global investment map.

Djingov, Gouginski, Kyutchukov & Velichkov, working with Linklaters, has advised joint bookrunners Citigroup and J.P. Morgan on the EUR 800 million Eurobond issuance by Bulgarian Energy Holding. Spasov & Bratanov, working with Allen Overy Shearman Sterling, advised Bulgarian Energy Holding.

CMS has advised Eleport on its market entry into Croatia and Slovenia.

Schoenherr has advised Okoenergie Beteiligungs on the repowering and expansion of the Pillichsdorf III wind farm in Lower Austria.

Norton Rose Fulbright has advised Operator Gazociagow Przesylowych GAZ-System on securing PLN 2.2 billion in financing for the development of the Gdansk–Gustorzyn gas pipeline from Bank Gospodarstwa Krajowego. Bird & Bird advised the Lender.