Our member firm BOYANOV & Co. advised Eurobank Bulgaria, Eurobank S.A. (Greece) and Eurobank Private Bank Luxembourg S.A. on the financing of Tessa Green Energy OOD for the construction of the Strazhitsa wind farm located near the town of Balchik in northeastern Bulgaria.
This project represents a significant milestone for the revival of Bulgaria’s onshore wind energy sector. The project is being developed in phases, with the first phase comprising 11 Vestas EnVentus V162-6.4 MW turbines, with commercial operation expected in Q4 2027.
The total costs of the project are about €100 million of which €78 million represent the bank financing, structured as a club deal between Eurobank Bulgaria AD (Postbank), acting as lead arranger, agent and account bank with a 60% participation, and Eurobank S.A. (Greece) with a 40% participation, booked via Eurobank Private Bank Luxembourg S.A.
BOYANOV & Co. acted as lenders’ lead legal counsel on the financing providing the full suite of legal services for similar financings – from carrying out a legal due diligence of the project, identifying legal risks and offering solutions therefor, to drafting and negotiating the financing documents (loan agreement, security documents, direct agreement with Vestas, supply and services agreements with Vestas, etc.), issuing legal opinions, coordinating legal advice from Danish lawyers, to the successful execution of the completion of the financing.
The legal aspects of the financing were very complex as they required the alignment of the interests of the lenders, the sponsors and Vestas as the wind turbines supplier. Despite the complexity we were able to complete the deal within record short time for a complex financing of this type proving again our ability to successfully advise on large-scale financing projects.
BOYANOV & Co.’s team was lead by Damian Simeonov, Partner and Head of the Banking & Finance practice, and included Alexander Chatalbashev, Partner (Energy), Nickolay Nickolov, Partner (Real Estate), Ralitsa Nedkova, Principal Associate (Finance), Georgi Drenski, Senior Associate (Finance), and other team members.
The closing of the Strazhitsa project financing marks the return of utility-scale onshore wind development to Bulgaria after more than a decade of inactivity. The last comparable wind project to reach financial close in Bulgaria did so in 2012 — making Strazhitsa the first of its kind in over twelve years. The project deploys the Vestas EnVentus V162-6.4 MW platform, among the most advanced onshore turbine series commercially available today, demonstrating that Bulgaria can attract best-in-class technology and long-term institutional financing on European terms. For the wider South East European region, the transaction establishes a reference financing structure for onshore wind and signals renewed investor and lender appetite for renewable energy infrastructure in Bulgaria.