DGKV acted as Bulgarian law counsel to the European Bank for Reconstruction and Development (EBRD), OTP Bank Nyrt., Raiffeisen Bank Zrt. and Raiffeisen Bank International AG in relation with a EUR 210 million financing for the development of a 450 MWp photovoltaic solar portfolio with co-located 250 MW / 1,000 MWh battery energy storage systems (BESS) in Hungary.

The financing supports five Hungarian project companies held through Szihalom Renewables EOOD, a Bulgarian shareholder company, and is sponsored by Renalfa IPP GmbH, an Austrian renewable energy developer. The project combines large-scale renewable electricity generation with substantial battery storage capacity, supporting both grid stability and the energy transition in the region.

DGKV advised the finance parties on all Bulgarian law aspects of the transaction, including the review of the finance documents, drafting and negotiation of the Bulgarian-governed security package, coordination of security perfection requirements and satisfaction of conditions precedent for utilisation.

The transaction is among the largest EBRD-financed renewable energy projects in Hungary and involved a cross-border structure spanning Hungary, Bulgaria, Austria and the United Kingdom.

The DGKV team was led by Partner Kaloyan Krumov, with support from Irina Mihaylova, Senior Associate.