The political turbulence within and beyond Bulgaria has not only caused unpredictability in the regulatory environment but also drastic changes in the national energy sector. Following the Russian invasion in Ukraine, Bulgaria took steady steps to break its dependence on Russia as a single supplier of natural resources.
Bulgaria’s infrastructure sector has seen major projects completed and many more are planned. With the country facing political turmoil and corruption still an infrastructure buzzword, Kinstellar Partner Antonia Mavrova and Gugushev and Partners Senior Partner Victor Gugushev navigate the intricacies of Bulgarian infrastructure.
For Bulgaria’s capital markets, the past ten years saw several landmark developments, large IPOs, and programs and initiatives tailored for small and medium-sized enterprise needs. Penkov Markov & Partners Associated Partner Boris Lazarov, Djingov Gouginski Kyutchukov & Velichkov Partner Gergana Monovska, and Tokushev and Partners Managing Partner Viktor Tokushev walk us through the highlights.
Contributed by Gugushev & Partners Law Office
Today, the majority of large companies produce sustainability reports covering their ESG practices. However, one major obstacle to voluntary ESG reporting is the inconsistency of the shared information Companies have the liberty to select their ESG reporting framework and decide what information to disclose, which results in difficulties for investors and other stakeholders to compare ESG risks and impacts uniformly.
In the previous article, we reviewed in detail some of the proposals of the European Commission for a comprehensive overhaul of European pharmaceutical legislation, contained in the new draft Directive on the Union code relating to medicinal products for human use (the “Directive”) and in the draft Regulation laying down Union procedures for the authorisation and supervision of medicinal products for human use and establishing rules governing the European Medicines Agency (the “Regulation”), which were not addressed by the Bulgarian media.
In the midst of ongoing political gridlock following Bulgaria's fifth parliamentary election in two years, industries such as energy, renewables, high-tech, and healthcare still make the country an attractive investment destination, according to Schoenherr Office Managing Partner Alexandra Doytchinova.
Bulgaria has great potential and is currently attracting major investors interested in large-scale renewable energy projects. Currently, over 1,500 megawatts of solar and over 800 megawatts of wind projects are operating. Still, the country’s power generation is highly dependent on its baseload power capacity coming from thermal power plants (over 3,600 megawatts). However, to meet the net zero economy targets, renewables could be the solution to replace these capacity volumes. Thus, at least 2,600 megawatts in RES capacity are expected to be installed by 2025, to allow Bulgaria to meet its target of 30.33% of energy produced from renewable sources.