Recently the European Commission endorsed the recovery and resilience plan of Bulgaria, which the President of the Commission described it as “one of the strongest green plans within the European Union”, not least because the renewable electricity market in Bulgaria is ever growing and specifically the hydro energy is key to the future sustainability and green transition. Our client Akuo Bulgaria has over the years proven to be a market leader and one of the largest renewable energy providers, as a result of the recent acquisition of the enterprise of PVB Power Bulgaria it currently operates hydro power plants with total capacity of 15.5 MW.

As a trusted relationship between Akuo and Spasov & Bratanov has been established throughout the years, yet again we were tasked with supporting the client with the refinancing of the Akuo Vez Svoghe five hydro power plants, located across Iskar River. The complex financing transaction, which involved reorganizing the existing corporate structure of the client’s group, required accomplished financial, real estate and corporate advisors in order to satisfy the high standards of our client and the lending banks UniCredit Bulbank AD and the European Bank for Reconstruction and Development. Spasov & Bratanov’s team was led by Vassil Hadjov who once again has proven himself invaluable as a team leader managing the entire process, together with senior members Irina Stanimirova and Petar Dyankov and the associates Vladimir Tashev and Tsvetina Kostandinova. The team put tremendous efforts at closing the deal within the set deadlines and achieved stellar results for the client.

Date: April 2022

Source: Spasov & Bratanov Lawyers' Partnership

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