Foreign Investments, Privatization, and PPP

Our firm enjoys the reputation of being one of the clear market leaders in the area of Foreign Investments, Privatization, and PPP’s. We advise businesses and investors on transnational investments and we navigate them through the intricacies of the foreign investment process. The lawyers at Penev LLP are committed to serving the special needs of foreign investors stepping into the Bulgarian market or expanding their activity in Bulgaria. Penev LLP was also actively engaged in several of the biggest privatization projects in Bulgaria. Along with its first-hand expertise in privatization, our lawyers have relevant experience related to the private financing of state-owned infrastructure.

Clients in the area of Foreign Investments, Privatization, and PPP’s include: AT&T Global Network Services Corp., Fraport AG, York Capital Management, Bavaria Film GmbH, Morgan Stanley, Charlemagne Capital Limited U.K. and Warburg Pinkus, Vivendi, Berliner Wasser Betriebe and Marubeni, TEPCO/Mizuho Bank (Japan), Eliniki Tehnodomiki, T.O.E. London, J.V.P. Bulgaria, Digital Axis Ltd., Helinvest Bulgaria Ltd., ?i?ecam Group (Turkey), Letterstone Plc., Helinvest Bulgaria Ltd., Koç Holding, (Turkey) and Turk Telecom (Turkey), Berliner Wasser Betriebe, Titan Cement Company, Deutsche Telekom AG, METRO Cash & Carry Bulgaria Ltd. and many others.

Our practice encompasses:

Structuring and legal support of foreign investments;

Penev LLP lawyers are skilled in identifying the particular needs and business objectives of clients and providing them with efficient, timely and comprehensive legal advice on potential transactions.
We currently act for a major UK investor on a project related to biomass supply in Bulgaria and advise on a wide scope of regulatory, commercial and corporate issues and drafting supporting documentation.
Advice to Heitmann Real Estate Investment Management in relation to EUR 10 million commercial development project.
We acted for Mitsubishi on a renewable energy project in Bulgaria. The work included drafting and negotiating contracts for the supply and installation of wind turbines, a service and availability agreement and representation before state and private parties.
Acting for Black Sea Properties with respect to a large greenfield project regarding the purchase of land and approval from respective municipal and governmental authorities for the infrastructure and construction project.

Public procurement, concession and PPP issues arising under EU and national law;

Penev LLP lawyers go beyond the letter of the law to provide practical and commercial solutions. We advise on public procurement, concession and PPP issues and assist clients in developing the transaction structure that most accurately addresses their needs. Throughout the years of experience we have conducted various legal analyses which aim to properly identify the need to apply the public procurement and/or concession rules to a proposed business transaction.
We acted as exclusive provider of legal services to the Delegation of the European Commission to Bulgaria from 1997 until 2007 when Bulgaria became a Member State and the representation was transformed into an information office. In relation to this, we have developed specific in-depth knowledge and expertise in all matters relating to funding under various programs, harmonization of local legislation and applicability of EU norms and regulations.
Provision of advice to Fraport AG on their participation in a concession-granting procedure for two Bulgarian airports – Varna and Bourgas by negotiation, drafting and execution of corporate documents, shareholders agreements and by-laws .
Acting for ?i?ecam Group, Turkey – a major glass producer in Europe, on their USD 150 million investment in Bulgaria – one of the largest greenfield investment projects in Bulgaria. The project included obtaining a concession for the extraction of ores and construction of a factory for production of float glass in Bulgaria.
Advice to the largest bidder in a US$ 200 million concession-granting procedure on the water supply and sewerage system of the city of Sofia – the consortium of Vivendi, Berliner Wasser Betriebe and Marubeni.

Project structuring (including tax advice);

We provide comprehensive, efficient and creative legal advice to clients engaged in project development. Penev LLP lawyers have unparalleled expertise necessary to conclude a successful project regardless of its stage of development.

Drafting tender and transaction documentation;

We assist in relation to public procurement regulatory and compliance, including via drafting tender documentation, EU funds applications and other necessary transaction documents.

Representation before state, municipal bodies and private parties with respect to public procurement, concession, infrastructure and PPP projects;

Penev LLP lawyers have a strong track record in representation before state, municipal bodies and private parties with respect to public procurement, concession, infrastructure, and PPP projects.
Provision of legal advice to ABN Amro, UK, in its participation of the tender, organized by the Ministry of Energy and Energy
Resources of Bulgaria to act as adviser regarding the privatization of the electricity distribution companies in Bulgaria.

Challenging actions of contracting authorities before the Bulgarian Commission for Protection of Competition and the Supreme Administrative Court;

Penev LLP lawyers have a strong track record in litigation suits dealing with appeals from tender awards and/or procedures before the Bulgarian Commission on Protection of Competition and the Supreme Administrative Court.

Provision of full scope legal advice on the performance of public procurement contracts, concession and infrastructure contracts, as well as of contracts involving PPP’s;

We advise on every stage of public procurement contracts, concession and infrastructure contracts, including negotiations and drafting tender documentation.