Solar Park Trakiya Secures EUR 32 Million Financing
Deal News | Feb 24, 2025 | CEE Legal Matters
CMS has advised Solar Park Trakiya on securing a EUR 32 million financing from EuroBank Bulgaria for the development of the 57.6-megawatt-peak Sinitovo photovoltaic project. The project, structured on July 16, 2024, has received regulatory approval from the Bulgarian Energy and Water Regulatory Commission as of November 7, 2024. Additionally, the project benefits from a EUR 4.5 million grant from the Bulgarian Ministry of Energy under the Recovery and Resilience Plan, which supports the installation of a battery electric storage system. Construction is underway, with completion anticipated in 2025. The CMS advisory team was led by Managing Partner Kostadin Sirleshtov and included several other legal professionals.
Sectors
- Renewable Energy
- Finance
- Legal Services
Geography
- Bulgaria – The Sinitovo photovoltaic project is located in Bulgaria, and the financing comes from a Bulgarian financial institution.
Industry
- Renewable Energy – This industry involves the development and deployment of technologies like solar power, relevant in the context of the Sinitovo photovoltaic project.
- Finance – The article discusses financial transactions and investments, including bank financing and government grants.
- Legal Services – Legal services relate to the advisory role CMS plays in securing project financing.
Financials
- EUR 32 million – Financing from EuroBank Bulgaria for the photovoltaic project.
- EUR 4.5 million – Grant from the Bulgarian Ministry of Energy for a battery electric storage system.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Solar Park Trakiya | Target | Company | Developer of the Sinitovo photovoltaic project. |
| CMS | Legal Advisor | Company | Provides legal advisory services for the financing of the Solar Park Trakiya project. |
| EuroBank Bulgaria | Bidding Companybuyer | Company | Provides EUR 32 million financing for the Solar Park Trakiya project. |
| Bulgarian Energy and Water Regulatory Commission | Government | Government | Responsible for licensing the Sinitovo photovoltaic project. |
| Bulgarian Ministry of Energy | Government | Government | Provides a EUR 4.5 million grant for the battery electric storage system under the Recovery and Resilience Plan. |