Bulgaria’s energy sector has seen a wave of activity over the past year, spanning offshore oil and gas exploration, large-scale renewables, and battery storage projects, keeping CMS Sofia’s Energy, Projects, and Construction team at full speed, according to Partner Kostadin Sirleshtov. Backed by strong investor interest and a more stable regulatory environment, the sector’s upward trend looks set to continue into 2025.

Kyriakides Georgopoulos has advised Sirec Energy on its joint participation in Larissa Thermoelectric alongside Clavenia, DEPA Commercial, and Volton.

Greenberg Traurig has advised Invesco Real Estate on four corporate power purchase agreements with Polenergia Sprzedaz.

Allen Overy Shearman Sterling and CMS have advised Equinor and Polenergia on securing over EUR 6 billion in project financing for the development of the Baltyk 2 and Baltyk 3 offshore wind farms in Poland. The financing was provided by a syndicate of approximately 30 financial institutions, including the Nordic Investment Bank, the European Investment Bank, Euler Hermes, KUKE, and BGK. Clifford Chance advised the financing institutions.

Starting from 29 May 2025 a new Energy Law starts to apply in North Macedonia. This new regulatory framework serves for transposition of the Clean Energy Package into the national legislation and introducing major novelties, such as new development process for energy generation and storage capacities, integration of e-mobility to the electricity grid, additional possibilities for development of natural gas and heating networks, etc.

A critical preparatory step towards wind farm development in the Black Sea was taken on 16 May 2025, with the Ministry of Energy’s call for Expressions of Interest to prepare a specialized study identifying the Black Sea offshore zones suitable for wind farm development. The study is envisioned under Law 121/2024 on Offshore Wind Energy, a key component of Romania’s National Recovery and Resilience Plan (PNRR).