Acting for borrowers RES Techonogy JSCo and ASM-BG Investicii JSCo., both jointly owned by the Korean South East Energy Company (a subsidiary of KEPCO) and SDN Company Ltd., CMS Cameron McKenna Nabarro Olswang has advised on the largest renewable energy refinancing in Bulgaria to date with the completion of UniCredit’s EUR 62 million facility. CMS Reich Rohrwig Hainz advised UniCredit on the refinancing.
According to CMS, "both borrowers have been CMS clients since 2009 and operate two photovoltaic power plants of 42MWp in northern Bulgaria. CMS originally assisted with the initial EUR 110 million loan from the Korean Development Bank back in 2012."
The original EUR 152 million investment in the two photovoltaic projects remains the largest Korean investment in Bulgaria to date and marks the first successful foreign investment from the Korean South East Energy Company. According to CMS, "this landmark transaction allows Korean South East Energy Company to start looking for new investments in the region."
The CMS Cameron McKenna Nabarro Olswang team was led by Partner and Head of Energy in CEE Kostadin Sirleshtov, assisted by Partner Elitsa Ivanova and lawyers Borislava Pokrass, Dimitar Dimitrov, Jenia Dimitrova, Raya Maneva, Zornitsa Stoykova, Desislava Vasileva, Plamena Kostadinova, Borislava Piperkova, Alexander Rangelov, and Angel Naydenov.
The CMS Reich Rohrwig-Hainz team representing the lenders was led by Managing Partner Gentscho Pavlov, supported by Associates Dimitar Zwiatkow, Ivan Gergovm and Marin Drinov.
A team from Korea's Kim & Chang law firm led by Senior Attorney Young Kyun Cho represented Korean Development Bank.