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CMS and Boyanov & Co Advise on YGY Industries Sale of 229-Megawatt Solar Plant to Rezolv Energy

CMS and Boyanov & Co Advise on YGY Industries Sale of 229-Megawatt Solar Plant to Rezolv Energy

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CMS has advised YGY Industries on the sale of the 229-megawatt St. George greenfield solar plant in Bulgaria's Silistra municipality to Rezolv Energy. Boyanov & Co and, reportedly, Clifford Chance advised Rezolv Energy.

Rezolv Energy is a subsidiary of Actis, a sustainable infrastructure investor.

According to CMS, the construction is due to start before the end of 2023 and the plant is expected to be completed in early 2025. Once constructed, it will be the largest solar plant in Bulgaria. The project will comprise nearly 400,000 solar panels and, with an average annual power generation of 313 gigawatt-hours, it will produce the equivalent of 13% of Bulgaria’s currently installed solar power.

Furthermore, CMS reports that the plant will be connected to the main transmission grid via two independent connection lines totaling about six kilometers in length. The power will be sold to commercial and industrial users through long-term power purchase agreements.

The CMS team included Sofia Managing Partner Kostadin Sirleshtov, Partner Atanas Bangachev, Counsel Borislava Piperkova, Senior Associates Alexander Rangelov, Konstantin Stoyanov, Elena Yotova-Yordanova, and Vaska Solakova, Associates Yavor Danailov, Diyan Georgiev, and Viktoriya Dimitrova, and Trainee Lyubomira Tanchovska.

The Boyanov & Co team included Partners Alexander Chatalbashev, Yordan Naydenov, and Nickolay Nickolov, Senior Associate Nedyalka Novakova, Associate Svetlana Tzvetkova, and Junior Associate Teodora Peycheva.

Editor's Note: After this article was published, Clifford Chance confirmed it had advised Rezolv Energy on the acquisition. The firm's team included Prague Managing Partner Alex Cook, Counsel Michal Jasek, and Associate Tomas Prochazka.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

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