On March 5, 2003 ENEL signed an agreement with the U.S. group Entergy to progressively take over Entergy’s stake in a joint venture with Bulgaria’s national electricity group NEK. The joint venture will own the Maritza East III thermoelectric power plant, located near Stara Zagora in Bulgaria’s southeast, and will be responsible for its management, modernization and improvement in environmental terms. This is a pioneering project entailing the biggest ever project finance transaction made in Bulgaria. The EUR 580 million funding of the project will be assured by way of equity contribution by shareholders and senior debt facility by a consortium of foreign and Bulgarian banks, with the participation of the EBRD.
Borislav Boyanov & Co. is acting as Bulgarian counsel to ENEL advising on all Bulgarian law aspects of the project, including energy regulations, financing and securitization, corporate restructuring and governance, merger control and protection of competition regulations, environmental regulations, property issues, employment issues, construction law issues, etc.