Kinstellar is honoured to support the development of Bulgaria’s water infrastructure by advising the EBRD on its first loan under the nearly EUR 200 million Bulgarian Water Sector Financing Framework. The framework has been established with the bank’s own funds and contributions from the state-owned Fund Manager of Financial Instruments in Bulgaria from EU’s European Structural and Investment Funds.

The EUR 8.7 million financing for Ruse Water Supply and Sanitation Company will improve water and wastewater infrastructure for 220,000 residents in the Ruse region in northeast Bulgaria. It will rehabilitate 63 km of water supply pipelines and 40 km of wastewater collection infrastructure and will help the water operator cut water losses, increase effectiveness and strengthen financial performance.

Kinstellar advised the EBRD on the Bulgarian legal aspects of the finance documentation, including a thorough due diligence on the borrower. This helped the bank to navigate the complex and dynamic regulatory framework for the water sector in Bulgaria and the various authorities involved in the realisation of the project.

The team was led by Svilen Issaev, Counsel and Head of the Banking & Finance in Sofia, and included Mladen Minev (Managing Associate, Infrastructure & Projects), Kristina Lyubenova (Senior Associate, Banking & Finance) and Denitsa Kuzeva (Associate, Banking & Finance).