Ilieva, Voutcheva & Co. Advises on the Landmark Strazhitsa Wind Farm (70 MW)
Ilieva, Voutcheva & Co. acted as exclusive legal counsel to Tessa Green Energy Ltd. on the development and financial close of the Strazhitsa Wind Farm, Bulgaria’s first new utility‑scale onshore wind project to reach financial close in more than a decade.
The project involves the phased development of a 70 MW onshore wind farm, representing a total investment of approximately EUR 100 million. The senior financing was structured as a syndicated club deal arranged by Eurobank Bulgaria AD (Postbank), acting as lead arranger, agent and account bank, together with Eurobank S.A. (Greece) and Eurobank Luxembourg S.A.
Ilieva, Voutcheva & Co. advised Tessa Green Energy Ltd. across all key legal aspects of the project, including:
- drafting and negotiation of the Turbine Supply Agreement (TSA) and the long‑term Service and Availability Agreement (AOM 5000) with Vestas;
- preparation and negotiation of all EPC and project agreements required for construction and commissioning;
- full legal support on the project financing, including the loan agreement, security package, direct agreements, and hedging documentation;
- issuance of legal opinions and coordination of execution and registration of all security interests.
Located in northeastern Bulgaria, the Strazhitsa Wind Farm represents a major milestone in the revival of Bulgaria’s onshore wind sector. Phase 1 comprises 11 Vestas EnVentus V162 turbines (6.4 MW each), with commercial operation expected in Q4 2027. The project deploys one of the most advanced onshore wind platforms currently available and demonstrates Bulgaria’s ability to attract best‑in‑class technology and long‑term institutional financing on European terms.
The closing of the Strazhitsa financing marks the successful completion of a multi‑year engagement by Ilieva, Voutcheva & Co., supporting the project from its early development stages through financial close. The firm advised on zoning and permitting, regulatory matters and licensing as an electricity producer, and acted as sole legal advisor on the M&A transaction through which a new equity investor joined the project company.
The Ilieva, Voutcheva & Co. team was led by Managing Partner Rossitsa Voutcheva and included Donika Ilieva, Angel Todorov, and Iveta Naidenova.
The Strazhitsa project sets a new benchmark for utility‑scale onshore wind development in Bulgaria and sends a strong signal of renewed investor and lender confidence in renewable energy infrastructure across Bulgaria and Southeast Europe.
The article above is for information purposes only. It is not a (binding) legal advice. For a thorough understanding of the subjects covered and prior acting on any issue discussed we kindly recommend Readers consult Ilieva, Voutcheva & Co. Law Firm attorneys at law.
