2018 Project Finance Report: Bulgaria

Author: | Published: 26 Jan 2018

Reneta Petkova, Yoana Zhechkova and Nicola Kolev, Deloitte Legal Law Firm

SECTION 1: Market overview 1.1 Please provide an overview of the project finance market in your jurisdiction. The market is currently dominated by a trend of restructuring and refinancing of existing projects. Lenders, sponsors and in some cases responsible government bodies are seeking to develop or restructure existing projects that have refinancing needs. Local commercial real estate, energy and renewable energy projects have been subject to restructuring and in some cases the consolidation of lenders' syndicates. There have been no greenfield renewables projects due to local requirements that restrict power generation. Notable refinanced projects include a natural gas project and several real estate projects (shopping centres). The State is mainly involved in developing large road and railroad infrastructure projects and improving water treatment facilities, financed through the State budget and the European Structural and Investment Funds....