Global law firm Norton Rose Fulbright has advised AES Bulgaria on securing its EUR 64 million credit facilities for St Nikola Wind Farm. The wind farm, which is the largest in Bulgaria is located near the town of Kavarna and has an installed capacity of 156MW. The wind farm started commercial operations in 2010.
The credit facility consists of EUR 32 million from the European Bank for Reconstruction and Development (EBRD) and EUR 32 million from two commercial banks. The package includes refinancing of the remaining exposure on a previous loan and a new commitment of EUR 16 million.
AES is the largest foreign investor in the energy sector in Bulgaria. The company owns and operates the newest and most advanced thermal power plant in South East Europe – TPP AES Galabovo, as well as the Saint Nikola wind farm.
The EUR 64 million facilities will enable the continued sustainable development of the park, which plays a key role in Bulgaria’s transition to green energy. As part of its program to support the transition to a greener and smarter energy future, St Nikola will support a renewable energy study program at the Technical University of Varna.
St Nikola will also help develop and introduce a new accredited course where its employees will share practical aspects of designing, constructing, and operating a large wind park. St. Nikola also plans to fund tuition waivers and offer internships for young people, with a focus on female students.
Tomas Gärdfors, London-based banking partner who led on the deal, commented:
“AES is greatly contributing to Bulgaria’s move to net zero and we are delighted to have advised on these credit facilities enabling Bulgaria to make significant steps towards a clean energy future.”
Tomas was supported by Ann Vesely, Daniel Chen and Rebekah Drysdale. Assistance was provided by partners Wouter Hertzberger, Michael Alliston, Katie McDougall, Andrew Reeves, Nigel Dickinson, Charez Golvala and Katie Stephen. The wider team included Marjolein Pichel, Rik van der Laan, Matthew Buckle, Aman Tandon, Daniel Alexander, Annie Birch, Richard Blackburn, Lydia Huxtable, Bethanne Jones, Timothy Han, Will Scott and Joanna Bondarewicz.