Linklaters has advised the European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International on their lending to Tenevo Solar Technologies for the construction and operation of one of the largest PV power plants in Bulgaria. The total finance package of €114 million will enable Tenevo Solar Technologies EAD, which is owned by Renalfa IPP and Eurowind Energy, to add 238 MW of solar generation capacity to the Bulgarian national energy system.
This will be the first renewable energy plant over 100 MW that will sell all its output in the market without a support scheme or a corporate power purchase agreement in Bulgaria. Tenevo is also the first EBRD project in Bulgaria supported by InvestEU guarantee which aims to foster sustainable investment and convergence to EU norms.
Linklaters advised both lenders on all English law matters related to the financing of the development of the solar power plant.
The Linklaters team was led by Tessa Lee (Partner, Milan), alongside Lucia Ciocarlan (Managing Associate, Milan), Matteo Bencic (Associate, Milan) and Natalia Mikolajczyk (Managing Associate, Warsaw).
Kinstellar provided assistance to the lenders in relation to Bulgarian law aspects of the transaction. The Kinstellar team was led by Svilen Issaev (Counsel) and included Boryana Boteva (Senior Counsel), Mladen Minev (Counsel), Atanas Mihaylov (Counsel), Denitsa Kuzeva (Senior Associate), and Simeon Vachev (Senior Associate).
