Norton Rose has won a lucrative tender from the Bulgarian Government to advise on the restructuring of the country's power sector. Norton Rose formed a consortium with Deloitte & Touche and Thomas & Associes and beat off competition from six other consortia to triumph in a competitive tendering process.
The team will advise the National Electricity Company of Bulgaria on the establishment of three new power plants which will replace the ageing – and potentially dangerous – nuclear power plants currently prevalent in Bulgaria.
Energy group partner, Richard Metcalf says each of Independent Power Producer (IPP) projects – planned for Maritza East I, Maritza East III and Varna TPP – could cost up to $1 billion to finance.
He and around three other Norton Rose lawyers will spend the next 12 months helping the Bulgarian Government to raise the necessary cash from outside financiers and then see the projects implemented.