Kim & Chang represented The Korea Development Bank and other lenders in connection with a financing package extended to two Bulgarian SPCs as borrowers, ASM - BG Investicii AD (“ASM”) in its project in Samovodene, Bulgaria and Res Technology AD (“RES”) for its project in Zlataritsa, Bulgaria, each project for construction, development and operation of photovoltaic power plants.

SDN Company Ltd. and Korea South East Power Co., Ltd, each owns 50% of each of ASM and RES, respectively.  To finance each project, the financing package comprises of extension of a senior credit facility in Euro with three tranches, underlying of which comprises of KRW loan credit facility, Euro credit facility and USD credit facility by way of participation arrangements.  Security comprise of Korean and Bulgarian assets of the Borrowers, including Korean account.

As counsel representing the lenders from the outset of the project and leading the transaction while coordinating with Bulgarian counsel as well as local counterparty, Kim & Chang was in charge of every aspect of the transaction from structuring to documentation.