BOYANOV & Co. Assisted NOTE AB (publ) to Acquire a Modern Electronics Plant in Bulgaria

May 2023  “NOTE expands its manufacturing capacity through the acquisition of all shares in the Bulgarian electronics manufacturer ATM Electronics. Through the acquisition, NOTE gets its second plant in Eastern Europe. The plant in Bulgaria is expected to meet a rapidly growing need for cost-effective production close to customers in Europe.  NOTE is one of northern Europe’s leading EMS partners, producing PCBAs, subassemblies, and box-build products. NOTE’s offering covers the complete product lifecycle, from design to after-sales. NOTE has a presence in Sweden, Finland, the UK, Estonia,…

BOYANOV & Co. Advises Banks on Financing of Hellenic Dairies Group’s Acquisition of United Milk Company

April 2023 BOYANOV & Co. advised Eurobank S.A. and Alpha Bank S.A., acting directly and through their subsidiaries, on the Bulgarian law aspects of financing the acquisition by Tyrbul, the Bulgarian subsidiary of Hellenic Dairies S.A., of United Milk Company, a leading Bulgarian dairy, which produces and markets a variety of milk products under a number of brand names. Hellenic Dairies S.A. is a family business of 3rd generation that operates in the dairy sector in Greece and 47 foreign countries. BOYANOV & Co.’s team was led by our partner Damian Simeonov, Head of the Banking and…

Implementation of European Railway Traffic Management System

March 2023 The Bulgarian national company "Railway Infrastructure" (NCRI) has announced a tender for the implementation of the European Railway Traffic Management System (ERTMS) Level 2 on a railway section between the cities of Ruse and Kaspichan. The project amount is BGN 186,7 million (approximately EUR 95 million) and will be funded under the Recovery and resilience plan for Bulgaria. The deadline for submitting offers is 28 April 2023.

NPP Belene Project Revive

March 2023 In March 2023, the Bulgarian government announced reopening the search of options for building of NPP Belene. It is expected that the French company Électricité de France (EDF) will start analysing the possibility to finish the construction of the plant with French technology. Initially, NPP Belene project has been for the construction of two 1000 MWe units, using Russian VVER-1000. Preliminary construction work began in 2008, but the project was suspended in 2012. In June 2018, the Bulgarian Parliament adopted a decision to reopen the search of options for building the plant and…

Armored Vehicles Plant in Bulgaria

March 2023 Leading producer of specialized armored vehicles International Armored Group (IAG) announced its intentions for building a plant in Burgas. The construction of the plant started in March 2023. The main production facility is expected to be finished in 2024. The initial investment in the facility in Burgas is estimated at BGN 20 million (approx. EUR 10.2 million). It was further announced that the company is considering the possibilities of building plants in Plovdiv and Blagoevgrad, with the initial investment for each of the plants estimated at approximately BGN 25 million (approx.…

New Nuclear Unit at the Site of the Existing Kozloduy NPP Using US Technology Update

On 23 October 2020, Bulgaria and the USA signed a Memorandum of Understanding between the two countries' governments on strategic cooperation in civil nuclear power.

Eberspaecher is Building Plant in Bulgaria

February 2023 German automotive supplier Eberspaecher will build a factory for electrical heaters for electric vehicles and plug-in hybrid models in Ruse, with an area of about 21,000 m2. It is expected that the factory will be ready by September 2023. The company started production in the beginning of 2023 in a "temporary" plant, which will operate until the completion of the new plant.

New E-bike Plant of Leader 96 in Plovdiv

January 2023 Bulgarian manufacturer of electric bicycles Leader 96 will invest BGN 50 million (approximately EUR 25 million) in a new production plant near Plovdiv, located in the Kuklen area, a part of the Trakia Economic Zone. It is expected the manufacturing process will start at the beginning of 2023 with a production capacity of 300,000 bicycles per year.

Plant for Manufacturing of Solar Panels

January 2023 German solar manufacturer AE Solar is planning to build a plant for manufacturing of solar panels in Kyustendil, Bulgaria. The investment under the project is in amount of BGN 20 million (approx. EUR 10.2 million). The construction of the plant is planned to start in 2023. The plant will have an annual production capacity of 1 GW.

Floating Solar Power Park at Ogosta Reservoir

January 2023 German company Profine Energy GmbH has declared its intention to invest more than EUR 1 billion in the project of a floating solar power park at Ogosta Reservoir, located in north-western Bulgaria.  The investment will include complete repair and restoration of the dam wall of the Ogosta Reservoir and the construction of a floating solar power park situated on 10 km2 of the water surface.

Medical Equipment Plant

December 2022 U.S. company Intuitive Surgical, a manufacturer of robotic-assisted surgery and the maker of the da Vinci surgical systems, will invest BGN 80 million (approximately EUR 40 million) in a plant for production of 3D endoscopes, located in the city of Parvomay, the Plovdiv region. It is expected that the construction will start in 2023, and the plant will be operational in 2025.

Plant for Production of Solar Panels and Solar Park

December 2022 Italian manufacturer of photovoltaic modules Exe Solar will build a plant for the production of solar panels in the city of Yambol. The investment is in the amount of EUR 6.5 million. It is planned that the construction of the plant will start in April 2023, and be operational by the end of 2023. The production capacity will initially be 350 MW and will subsequently be increased to 600 MW.