Energy Law & Natural Resources

Georgiev, Todorov & Co. has extensive experience in the field of energy law serving both Bulgarian and international clients regarding legal issues in the energy sector. Energy-related legal consultancy and litigation is amongst the firm’s main area of business and our team is consistently and independently recognized for its work.

Georgiev, Todorov & Co. has successfully consulted major energy infrastructure and development projects with a strategical significance for the Bulgarian energy sector. Over the years we consulted Mitsui & Co. and Toshiba regarding the rehabilitation of the Thermal Power Plant Maritsa Iztok 2, ENEL regarding the rehabilitation of the Thermal Power Palnt Maritsa Iztok 3 and the privatization of Thermal Power Plant Bobov Dol.

Recently Georgiev, Todorov & Co. successfully advised the Bulgarian Stock Exchange regarding the deal for acquisition of all shares in the capital of Bulgarian Independent Energy Exchange from the Bulgarian Energy Holding. Our firm has been appointed as the local legal advisor of Atomstroy Export JSC against the state-owned Bulgarian National Electricity Company in the major arbitration case “Belene” nuclear power plant whereas the award was rendered in favour of our client.

Georgiev, Todorov & Co. provides legal consultancy and representation both in regulatory and court proceedings to electricity, renewable and cogeneration producers, to gas and oil refineries and oil producers and to natural recourse companies. The team’s in-depth knowledge of the energy regulatory framework and excellent dispute resolution practice makes Georgiev, Todorov & Co. a reliable and trusted partner highly valued by its clients.


  • GT&Co is advising the Bulgarian Stock Exchange Sofia on the acquisition of the Independent Bulgarian Energy Exchange (IBEX). IBEX holds a 10-year license (№ Л-422) by the State Energy and Water Regulatory Commission to organizing a Power Exchange for electricity in Bulgaria.  The deal results from the undertakings of the Bulgarian Government in connection with Case COMP/B1/АТ.39767 in front of the European Commission to separate IBEX from the corporate structure and the assets of the Bulgarian Energy holding (BEH).

On 09.08.2017 the Bulgarian Council of Ministers allowed the transfer of 100% of the shares of IBEX to the Bulgarian Stock Exchange –Sofia. The sale of shares will be performed through direct negotiations for the assets with a starting price defined by valuators.

On behalf of the Bulgarian Stock Exchange –Sofia GT&Co has conducted a thorough due diligence of IBEX, analyzing its corporate structure, legal obligations, contractual relationships with third parties and examining its assets, licenses and intellectual property rights. We also reviewed the ongoing judicial disputes and the possible legal consequences from them. The team of GT&Co, headed by Partner Ilian Beslemeshki, consulted the acquiring company on the risks and the red flags involved in the transaction and provided comprehensive legal advice for their mitigation and resolution.

  • We have successfully consulted Mini Otkrit Vagledobiv EAD (an open coal mining company) during the Thermal Power Station Bobov Dol privatization procedure, which is one of the most important privatization transactions in Bulgaria for 2008, amounting to over Euro 100 000 000.
  • Consulting Energoconsult during the development of a wind farm project with a capacity of approximately 100 MW in the Dobrich region (North Bulgaria) and a cost of over Euro 10 billion, and representing the company in its negotiations with investors Iberdrola, Spain, and Efacec, Portugal.

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