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Kinstellar and Linklaters advised the EBRD and Raiffeisen Bank International on their lending for the 238 MW Tenevo PV power plant in Bulgaria
Kinstellar Sofia acting as Bulgarian counsel, alongside Linklaters Milan acting as lead counsel, advised the EBRD and Raiffeisen Bank International on their lending to Tenevo Solar Technologies for the construction and operation of one of the largest PV power plants in Bulgaria. The total finance package of EUR 114 million will enable Tenevo Solar Technologies EAD, which is owned by Renalfa IPP and Eurowind Energy, to add 238 MW of solar generation capacity to the Bulgarian national energy system. This will be the first renewable energy plant over 100 MW that will sell all its output in the market without a support scheme or a corporate power purchase agreement in Bulgaria. Tenevo is also the first EBRD project in Bulgaria
Navigating the legal landscape: The implementation status of MiCA
As the cryptocurrency market continues to captivate investors worldwide, understanding the regulatory landscape becomes more crucial than ever. In this respect the Markets in Crypto Assets Regulation (the MiCA) is a ground-breaking initiative by the European Union (the EU) aimed at establishing a robust framework for digital asset markets. With MiCA application having taken effect on 30 December 2024, EU member states are now in the process of aligning their national legislation with the new rules and addressing the practical challenges of implementation.Click on the image below or use the following link to read our overview in English. For more
Digital Finance Act: A new era for crypto-assets in the Czech Republic
On 15 February 2025, Czech Act No. 31/2025 Coll., on the implementation of European Union regulations in the area of financial market digitisation (the Digital Finance Act), came into force. This legislation serves as an adaptation act to the EU MiCA Regulation and introduces significant changes to the regulation of crypto-assets and financial markets. Czech National Bank to supervise crypto-asset market Under the Digital Finance Act, the Czech National Bank has been designated as the competent authority for crypto-assets. The Czech National Bank is now responsible for receiving notifications and applications under the MiCA Regulation and exercising supervisory powers over crypto-asset service providers (CASPs)
Kinstellar Sofia advises UniCredit Bulbank on Minimart’s first corporate bond issue
Kinstellar has advised UniCredit Bulbank as lead manager of the private placement of corporate bonds worth EUR 25 million by Minimart, a fast-growing chain of convenience stores in Bulgaria. The 250 bonds with a nominal value of EUR 100,000 each have a maturity of 5 years and an interest of 7.77%, paid twice a year. The bonds were subscribed by UniCredit Bulbank, Eurobank Bulgaria, Varengold Bank, and KBC Agro - Bulgaria. The private placement enables Minimart to further expand its retail network to 300 stores in 2025 and invest in its IT infrastructure. Kinstellar’ s team was led by Svilen Issaev (Head of Banking, Finance and Capital Markets in Sofia) and included Senior Associates Nikolay Gergov and Denitsa
Kinstellar and KST Law assist Balderton Capital in leading the USD 30M Series A financing round for Grand Games
Kinstellar and KST Law are excited to have assisted Balderton Capital in leading the USD 30M Series A financing round for Grand Games, a visionary mobile gaming company focused on delivering genre-defining experiences. This significant milestone underscores Balderton's continued commitment to supporting innovative companies that push the boundaries of mobile entertainment. A special thanks to the KST Law team—our partner Emre Özer and associates Helin Akbulut and Nihal Dilan Cantürk—for their crucial support and expertise in completing this transaction successfully. Kinstellar operates in Turkey in cooperation with KST Law, a full-service corporate law firm based in Istanbul.
Kinstellar advises EBRD on supply chain financing for Profi
Kinstellar is pleased to announce that, together with Sullivan & Worcester, we have advised the European Bank for Reconstruction and Development (EBRD), partnering with Banca Transilvania on implementing a supply chain financing programme for Profi Rom Food, one of Romania’s leading retail chains. This transaction marks the EBRD’s first supply chain finance initiative in Romania aimed at strengthening a domestic value chain. The EBRD will assume up to EUR 10 million in local currency risk, effectively doubling Profi’s supply chain finance programme to EUR 20 million through a shared-risk model. Profi, which operates 1,750 stores across Romania under three brands—Super (mid-sized to large stores), Go
Kinstellar advises syndicate of banks on a EUR 73 million financing to Grup Serban Holding
Kinstellar is delighted to announce we have advised a syndicate of banks led by BRD Groupe Société Générale and Banca Transilvania on a EUR 73 million syndicated facility to Grup Serban Holding. BRD Groupe Société Générale and Banca Transilvania served as both Documentation Agents and Original Lenders, Raiffeisen Bank Romania joined as Sustainability Agent and Original Lender, with Banca Transilvania further assuming the roles of Facility Agent and Security Agent for the duration of the transaction. Grup Serban Holding, an entrepreneurial company active in the agricultural sector, will utilize this financing to refinance its existing debt and further expand its operations. Kinstellar’s assistance on
Practical Note for Investors: Insights into Kazakhstan’s Banking Sector in 2025
In 2024, Kazakhstan’s financial regulator and the president of Kazakhstan emphasised repeatedly the necessity of updating the nation’s banking laws to align with global economic trends. This has been particularly relevant to the development of fintech ecosystems—a focus area for our firm over the past few years. In light of these discussions, we have prepared this note to provide a practical overview of the key proposed changes expected in 2025 and their implications for potential investors in the banking sector. We will continue monitoring these developments closely throughout the year to keep you informed. Key proposed changes and opportunities Introduction of two types of banking licenses
Practical Note: The Development of the Banking Sector within the Astana International Financial Centre (AIFC)
Since its establishment, the AIFC has generated significant interest by developing its financial services sector, particularly in banking. The financial ecosystem in the AIFC was designed to attract foreign investment, and various incentives have been introduced to encourage the growth of both traditional and Islamic banking businesses. However, despite these incentives, the development of the banking sector within the AIFC has not reached its full potential. 1. Incentives for bank establishment within the AIFC A series of tax exemptions and regulatory waivers have been provided to make it easier for banks to operate within the AIFC. These measures include: Tax exemptions: Both traditional and Islamic
The National Bank of Ukraine introduced additional changes to currency restrictions
The National Bank of Ukraine published amendments to currency restrictions that were introduced in February 2022 at the start of the full-scale Russian invasion. The changes relate to payments under international technical assistance projects, transfers for the import of goods, dividend payments, and lending for the purchase of foreign currency-denominated government bonds. While the first two categories involve the easing of restrictions, dividend payments and lending for purchasing foreign currency-denominated government bonds are now subject to stricter regulation.Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download
Kinstellar advises the mandated lead arrangers and bookrunners in relation to a US$300 million syndicated term loan provided to Halyk Bank of Kazakhstan
Kinstellar has successfully advised the mandated lead arrangers and bookrunners on joint stock company Halyk Bank of Kazakhstan’s US$300 million syndicated term loan, which comprises 1-year and 3-year tranches. This marks Halyk Bank’s return to the international syndicated loan market, allowing it to secure vital funding and diversify its capital base under competitive terms. This significant transaction reopens the international syndicated loan market for Kazakhstan banks, highlighting growing international confidence in the sector. The deal was led by Citibank, London Branch, Abu Dhabi Commercial Bank, and Commerzbank. Our legal team was led by partners Joel Benjamin and Adlet Yerkinbayev, with support
Romania to introduce stricter compliance rules for crypto-asset service providers
Romania’s National Office for the Prevention and Control of Money Laundering has recently published a draft of an Emergency Ordinance amending and supplementing Law no. 129/2019 on the prevention and control of money laundering and terrorist financing (the Emergency Ordinance) in order to harmonise domestic legislation with the provisions of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (the Fifth AML Directive), as amended by Regulation (EU) 2023/113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets