Topic: Banking & Finance
DGKV acted as Bulgarian legal counsel to the syndicate of lenders—including the European Bank for Reconstruction and Development (EBRD), the Black Sea Trade and Development Bank, OTP Bank, NLB Bank, UniCredit, and Kommunalkredit, in connection with a landmark €315 million holdco financing for Renalfa IPP, a leading renewable energy developer in Central and Eastern Europe.
The financing supports a €1.2 billion investment programme, after which around 1.6 GW of generation assets and approximately 3.3 GWh of battery energy storage systems (BESS) will be operational across Bulgaria, Hungary, Romania, and North Macedonia.
This financing represents one of the largest regional energy transition deals to date and is structured as a "HoldCo" loan, enabling Renalfa to efficiently deploy capital across borders in support of its ambitious growth pipeline.
The EBRD described the transaction as a “landmark deal that will accelerate the deployment of renewables, reduce fossil fuel reliance, and strengthen energy security in a region still heavily dependent on carbon-intensive sources”, while Kommunalkredit emphasized its role in delivering innovative financing solutions for infrastructure and clean energy projects across the region.
DGKV provided full-spectrum Bulgarian law support to international lead counsel A&O Shearman, including:
- A bankability review of due diligence reports prepared by the Borrower’s counsel
- Sector-specific advice on Bulgarian energy regulation and permitting
- Assistance with structuring, drafting, and reviewing the Bulgarian law aspects of the financing documentation
The DGKV team was led by Kaloyan Krumov (Partner) and Tsvetelina Bayraktarova (Senior Associate), supported by Maya Mircheva (Senior Associate), Delyan Dzhurov (Associate), Emilia Mitroshanova (Associate), Yavor Genchev (Associate), Teodor Filipov (Associate), and Kalina Damyanova (Trainee).
This transaction underscores DGKV’s deep expertise in complex cross-border energy financings and our continued commitment to supporting strategic infrastructure and renewable development across Bulgaria and the CEE region.
Read more about the transaction here:
