Bulgaria’s wind energy sector is on the verge of a milestone. A 70 MW wind park currently under construction near the town of Balchik, on the Black Sea coast, represents a total investment of more than EUR 100 million and is set to become one of the first wind projects in the country to reach ready-to-build status, start construction and receive financing since 2012 — marking a long-awaited turning point for domestic renewable energy development.

xFigure Finance served as the project’s trusted financial advisor from the pre Ready-to-Build (RTB) status, navigating the deal through some of its most complex and consequential stages.

A Project With History Behind It

Balchik is not new to wind energy. The municipality already hosts several operating wind farms, making it a proven location with established wind power potential, grid infrastructure and community familiarity with the sector. What makes this project significant, however, is not just its location — it is its scale and timing.

With 11 wind turbines, over 2,000 sqm of land plots, and an expected annual output of more than 220 GWh, the 70 MW plant represents a meaningful addition to Bulgaria’s renewable energy capacity. Commissioning is planned for Q4 2027, with the financing agreement closed in Q1 2026 following binding approval in end 2025.

What “Full-Scope Advisory” Actually Means

xFigure was engaged across four interconnected workstreams, each of which required not just financial expertise but real coordination between multiple parties operating under tight deadlines.

• Turbine supplier negotiations. Before financing can be secured, lenders need to understand both the bankability of the project and the reliability of its key counterparties, as well as the cost structure. xFigure performed a detailed financial analysis of the supplier’s commercial and contractual terms, led negotiations with the selected turbine manufacturer in the context of both bank financing and equity optimisation, and structured a payment security mechanism that satisfied the requirements of all parties. Delivery schedules and guarantee arrangements were negotiated in parallel. The project selected the  EnVentus V162-6.4 MW platform — supplied by Vestas, the dominant onshore wind turbine manufacturer in Europe.
• Building the financial model from the ground up. A project finance transaction lives or dies by its financial model. xFigure built the model from scratch and then put it through a rigorous validation process — securing sign-off from the lenders, the technical advisor, and an independent model auditor. Multiple scenarios were developed, including both merchant and PPA revenue cases, with structures of reserve accounts, KPIs, and cash sweep mechanisms incorporated throughout. Stress testing was performed to demonstrate the project’s resilience under adverse market conditions.
• Running a competitive financing process. xFigure ran a deliberately structured competitive process, organising two separate lender panels in parallel. This was not simply a market-sounding exercise. The goal was to secure preliminary credit approval from both panels simultaneously, giving the project sponsor a genuine choice of financing partner backed by fully approved term sheets. That optionality translated directly into negotiating leverage and ultimately better terms for the client. A deliberate feature of the panel composition was the pairing of international banks — already familiar with wind project finance — with local Bulgarian banks. Bridging that knowledge gap, building lender confidence on both sides, and keeping all five institutions aligned and on schedule was one of the more demanding aspects of the advisory mandate. From the loan approval of more than EUR 80m financing to signing of loan documentation and  the satisfaction of all conditions for first disbursement, the entire process was completed in under three months.
• Coordinating due diligence. Legal, technical, insurance, and model audit workstreams all ran simultaneously, each with its own requirements and timeline. xFigure coordinated information flow from all parties to meet the banks’ deadlines and ensured that findings from the due diligence process fed directly and seamlessly into the financial model — avoiding the delays that often arise when advisory and modelling functions are handled separately. Where lender concerns or queries arose, xFigure acted as the central point of coordination, ensuring issues were resolved swiftly and did not become blockers to credit approval.

Why This Deal Matters

The significance of this project extends beyond the transaction itself. Bulgaria’s renewable energy pipeline has faced persistent challenges — regulatory complexity, financing gaps, and a decade-long hiatus in new wind development. A project of this size reaching financial close sends a clear signal to the market: bankable wind deals in Bulgaria are possible, and the local financing environment, while demanding, can be navigated with the right expertise.

The transaction was supported by a carefully assembled team of specialist local advisers — each selected for their track record in Bulgarian energy and infrastructure transactions. xFigureFinance served as financial advisor of the Borrower, LongMan served as technical due diligence adviser to the Lenders, with DMT Prime acting as independent technical adviser and owner engineer to the Borrower. Legal workstreams were handled by Boyanov & Co. as lenders’ legal counsel and Ilieva Voutcheva & Co Law Firm as borrower’s legal counsel. Marsh advised on insurance requirements, and Forvis Mazars conducted the independent financial model audit.

xFigure’s involvement from RTB through to the initial debt drawdown reflects the firm’s broader approach to advisory — not as a one-off transaction service, but as a hands-on partner throughout the deal lifecycle. With over 50 years of collective experience across the CEE region and a track record in wind, solar, and BESS mandates, the team brings both the financial rigour and the local market knowledge that complex infrastructure transactions require.

Looking Ahead

Construction is underway. And by 2027, Balchik is expected to host a wind park that will not only generate clean power for hundreds of thousands of homes, but also demonstrate what a well-structured, professionally advised renewable energy project looks like in the Bulgarian market.

For a sector that has been waiting over a decade for a project like this, that is no small thing.

xFigure Finance advises leading energy and infrastructure firms across Central and Eastern Europe on project finance, M&A, equity raises, and strategic transactions. The firm has advised on more than 2 GW of wind, solar and battery storage projects across the region. To learn more about our work, get in touch.