Bulgaria Returns to Wind After Over a Decade

A €100m wind park near Balchik reaches financial close - with xFigure Finance as financial advisor to the borrower.

2+ GWrenewable capacity supported
100+investors and lenders
SEEcross-border coverage

xFigure Finance is an independent financial advisory firm specialising in renewable energy and infrastructure across Bulgaria and Southeast Europe.

We work with:

  • International investors & infrastructure funds
  • Project developers & asset owners
  • Corporates & financial institutions

We combine deep local market knowledge, international perspective and hands-on execution to help our clients make informed investment decisions, structure bankable projects and successfully execute complex transactions.

From M&A and project financing to financial modelling, commercial structuring and power purchase agreements, our experience spans over 2 GW of renewable energy projects through completed and ongoing advisory mandates.

Our services

M&A advisory

Advising buyers and sellers on acquisitions, disposals and share transactions across the energy and infrastructure sector - guiding every mandate from origination through to completion.

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Project finance advisory

Structuring and arranging debt for renewable energy and infrastructure projects - connecting developers with lenders and shaping financing that is both bankable and efficient.

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Contract structuring

Structuring and negotiating the contracts that underpin a project - debt/equity financing, EPC, O&M and offtake - allocating risk with precision and keeping the project financeable.

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Financial modelling and valuation

Building and auditing robust financial models and valuations that give lenders, investors and boards full confidence in the numbers.

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What sets xFigure apart

Unparalleled combination of expertise

Our team combines extensive experience in M&A, debt advisory, project finance and renewable energy, bringing together strategic, financial and commercial expertise to deliver bankable solutions.

Deep understanding of the market

With a proven track record in renewable energy transactions, we understand the priorities of developers, investors and lenders, enabling us to anticipate challenges, structure transactions effectively and maximize value.

Strong local presence & access to capital

Our deep knowledge of the CEE markets and established senior-level relationships with 100+ investors and lenders provide access to capital, proprietary opportunities and key decision-makers.

Hands-on, senior-led execution

xFigure’s team is highly dedicated, always ensuring sufficient resources are allocated to a project and consistently delivering ahead of deadlines.

Trusted by Industry Leaders

Commitment, professionalism, and partnership are the words describing the team. Their experience and structured approach have been instrumental in navigating and closing the transaction successfully.

Rossitsa VoutchevaManaging Partner, IVLaw

xFigure was key to the successful execution of the agreement, showing great communication, strong collaboration, hard work, high availability, and deep expertise. It was a real pleasure working together, and I hope we can continue collaborating in the future.

Maria Gazzula ParSales Manager, Vestas

xFigure played a key role in the project by facilitating clear communication, strong coordination, and efficient alignment between all parties involved in the insurance placement process.

Delyan VassilevFounder, REIB

Working with xFigure was a genuinely rewarding experience – professional, insightful, and surprisingly enjoyable. We came away not only with a solid financial model but also with a much deeper understanding of our own project’s potential.

Kalin VasilevCountry Manager, Astroenergy

xFigure played a pivotal role in structuring and coordinating the PPA process, combining robust financial analysis with strong project leadership. Their strategic clarity and disciplined execution were instrumental to the successful completion of the transaction.

Spartak YovchevManaging Partner, CasePro

Our experience working with xFigure has been highly positive, marked by well-structured, focused reports that directly supported strategic investment decisions. Their work consistently brought valuable market insights that enhanced clarity and confidence in our decision-making.

Elena KalogeropoulouBusiness Development Manager, Optimus Energy

I sincerely share that it is a real pleasure to work with the xFigure team, which consists of exceptionally competent experts who are responsible and committed to their work. The team’s efforts were clearly visible in ensuring that the financing of the project progressed quickly in all of its aspects.

Diana PetkovaExecutive Director, Long Man Holding

Working with xFigure has been incredibly pleasant, despite the complexity of the task and our vision for what the financial model should do. The team managed to meet our demands. Something we really appreciate is their flexibility and the ability to accommodate our constantly shifting schedules.

Dimcho StanevDirector Corporate Development, Smart Energy

Working with xFigure was a genuinely positive experience. Communication was smooth and easy, they were very responsive and adaptable, and they quickly developed a strong understanding of our project, which made the collaboration both efficient and enjoyable.

Maria AsparuhovaInvestment Manager, Telelink Investments

xFigure helped us comprehensively assess the project’s investment potential and delivered the key insights needed to support well-informed decision-making regarding the market, project structure, and overall investment viability.

John TamaresisExecutive Director, Terna Energy

In the xFigure team we met true partners who stood firmly behind us and together we went through the long process of attracting an investor to support the growth of euShipments.com. The team worked hard, dedicated and we were able to make important strategic decisions as well as raise EUR 7.5 million from investment funds in the country.

Svetlozar DimitrovCEO, euShipments.com

xFigure performed a complete analysis of the company and the industry in which our business is conducted, arriving at a valuation that was key to a subsequent completed transaction with DHH for the purchase of a 60% interest in the company. The outstanding commitment and results presented were highly appreciated by DHH, as a result of which Ms. Chopeva was invited to join the Board of Directors for a long-term partnership.

Svetoslav HristovCEO, Evolink SA

We are extremely happy to have another member join APSTE - Association for Production, Storage and Trading of Electricity  - xFigureFinance! We believe that with your expertise and experience we will be able to work towards best practices in financial structuring and modelling of renewable energy investments.

Mariyana YanevaAPSTE

With partners like xFigureFinance, our support reaches small and medium-sized enterprises that want to develop core or complementary innovative activities or grow with investments. xFigure, with its extensive experience in M&A transactions and strategic advisory, mitigates the concerns of financial institutions that often perceive SMEs as riskier than the evidence suggests they are, opening up new business horizons for them to develop new products and expand into new markets.

Gergana StamenovaEuropean Bank for Reconstruction and Development (EBRD)

What we have achieved together with our xFigure partners is clarity on what we are getting into (PPA) as we had no prior experience or competences to do this on our own. Furthermore, xFigure assisted our legal advisor with drafting the contract with the power supplier.

Vladimir IankovFacility Manager, Lufthansa Technik Sofia

Working with xFigure helped us make a strategically important investment decision. The analysis of the team showed us clearly what the key risks are and how to structure the deal.  Our partnership with xFigure is valuable for us because they build on our expectations and give us confidence with a multispectral view of each project.

Todor DimitrovManaging Partner, Sofiiska banica

xFigure helped me to make a decision whether to develop a large photovoltaic project and how to approach it. Even at the idea stage, I was able to answer key questions related to the productivity and return of the project on the local market. The team's knowledge of  financing opportunities and conditions and the preparation of information for banks and investors was extremely useful.

Bozhidar DraganovBODD Solar