Bilyana Belcheva
Image of Bilyana Belcheva

Bilyana Belcheva

Associate

Bilyana is a driver in the project and acquisition finance spaces for renewable energy, power transmission, oil and gas and infrastructure projects around the globe. She also advises on various ESG and sustainability-linked investments.
She helps clients navigate the unforeseen and complex nature of their projects and financings that include multiple jurisdictions, government-backed securitizations and multitranche financings. Bilyana's clientele includes multilateral development and commercial banks, development finance institutions and export credit agencies as well as developers and sponsors.

Expertise

Industries

Experience

Representative matters

Power and energy
  • DOE in providing financial assistance through capacity contracts for four transmission projects under the Transmission Facilitation Program (TFP), including Aroostook Renewable Project in Maine, Southern Spirit Transmission (Texas, Louisiana, Mississippi), Cimarron Link (Oklahoma) and Southline (New Mexico).
  • A global financial institution on the USD40m green loan financing to Origo Energia, a pioneer in distributed solar generation in Brazil, for the construction of a portfolio of distributed solar generation projects in Brazil consisting of 22 small, ground-mounted distributed generation projects across four states with an aggregate installed capacity of 90 MWp.
  • A Consortium of banks in connection with the financing of the Codelco reverse osmosis desalination plant in Chile which will have an initial capacity of 840 liters per second with the potential for later expansion of up to 1,956 liters per second. Once built, the project will play key role in allowing Codelco to accomplish its sustainability development commitments by 2030. Named Project & Infrastructure Finance: Loan of the Year 2023 by LatinFinance, Americas Infrastructure Deal of the Year 2023 by Project Finance International and Latin America Water Deal of the Year: Desalination 2023 by IJGlobal.
  • Masdar and PJB on the development and financing of Southeast Asia’s largest floating solar power plant (145 MW) in the Cirata reservoir, West Java, Indonesia. Named Asia-Pacific Solar Deal of the Year 2021 by PFI, Renewable Energy Deal of the Year 2022 by The Asset Triple A Asia Infrastructure Awards and Honourable Mention for Projects & Energy 2022 by In-House Community Deals of the Year Awards.
  • The lenders, including K-EXIM, in relation to the financing and development of the Upper Trishuli-1 216 MW hydro power project in Nepal.
  • The lenders, in relation to the MIGA-covered refinancing of the 220 MW Bhola CCGT project in Bangladesh.
  • A global financial institution as lender and hedge provider on the 60 MW solar power plant in Cambodia's Kampong Chhnang province.
  • The Lenders, including A global financial institution, in connection with the development and financing of a programme of 6 wind farms in Pakistan OR A global financial institution on the $450 million financing of six wind power projects, also known as Super Six, which will be built in the Jhimpir wind corridor in Sindh province, Pakistan.
  • A global financial institution and other commercial banks in connection with the refinancing of the 180 MW Asahan 1 Hydro Power Plant and an equity investment in PT Bajradaya Senviranusa in Indonesia.
  • Marubeni, Sojitz and Pertamina as sponsors in relation to the development and financing of the Jawa 1 LNG to power project in Indonesia.
  • Golar Power on the development of the Porto de Sergipe LNG-to-Power project in Brazil.
  • EBRD and A sovereign wealth fund on the financing of the Shobak wind project in Jordan.
  • A global financial institution and ETDB in connection with the financing of the 50MW Metro Wind Farm Project in Pakistan.
  • The lending group (K-EXIM, IsDB and commercial banks) on the development and financing of the Fadhili IPP in Saudi Arabia.
  • FMO as arranger and a consortium of international and Nepalese lenders on the financing for the 82 MW Lower Solu run of the river hydropower project in the Solukhumbu district in Nepal.
  • K-Sure, K-DB and other lenders in relation to the financing of the 2x300 MW mine-mouth Kalsel-1 IPP in Indonesia.
  • A global financial institution, a consortium of local commercial banks including and led by, United Bank Limited and Proparco in connection with a 50 MW greenfield Gul Ahmed wind power plant in Pakistan.
  • A global financial institution, CDC and Clifford Capital in relation to the financing of the 413.8 MW (gas) / 333.02 MW (fuel oil) dual fired Sirajganj 4 IPP in Bangladesh. Named Asia Pacific Power Deal of the Year 2017 by IJGlobal Awards.
  • JBIC and the commercial lenders on the development and financing of the USD3bn 2,520MW and 136.5MIGD Facility D IWPP in Qatar.
  • Lenders, including OPIC and Proparco, on the financing of a solar project being developed under the FiT program in Egypt.
  • Maybank, M-Exim, CIMB, RHB and A global financial institution, as lenders to Genting Energy on the 660 MW coal-fired Banten IPP in Indonesia.
Mining and metals
  • DOE in connection with the $996 million loan guarantee to Ioneer Rhyolite Ridge LLC to develop a domestic supply of lithium carbonate for electric vehicle batteries from Rhyolite Ridge in Esmeralda County, Nevada.
  • DOE in connection with the $2.26 billion loan to Lithium Nevada Corp. for Phase I of the Thacker Pass Project in Humbolt County, Nevada which will consist of a sulfuric acid plant and a lithium processing facility with feedstock from an adjacent open pit mine to be used for the development of lithium batteries. The Thacker Pass project, the largest-proven lithium reserve in North America, is expected to produce an initial 40,000 tonnes per annum of battery-quality lithium carbonate and support the production of up to 800,000 electric vehicles annually.
  • Volcan Compañía Minera in connection with the restructuring of a new loan and bond issuance for up to $765 million which includes $365 million 4.375% Senior Notes due 2026 and the $400 million syndicated term loan. The refinanced terms of the syndicated term loan included, among other things, an extension of the maturity date to 2029, adjustments to the interest rate and an enhanced covenant package.
Oil and gas
  • The lenders on the $12.5 billion joint venture for the Jazan IGCC / ASU project, a downstream oil and gas project that was one of the largest project financings globally in 2021. Named Global Deal of the Year 2021 by PFI and MENA Petrochemicals Deal of the Year 2021 by IJGlobal.
  • PETRONAS on the development and financing (including bridge and long-term financing) of its approximately $28 billion RAPID (Refinery and Petrochemical Integrated Development) project. Named Petrochemical Deal of the Year Asia Pacific 2019 by PFI.
  • Golar LNG and subsequently OneLNG on the development of the Fortuna floating liquefaction project in Equatorial Guinea.
  • K-sure and the commercial lenders in relation to the development and financing of the Bahrain LNG terminal.
  • Lenders on the reserve based lending and limited recourse project financing of an offshore oil & gas project in Egypt.
Sustainability-linked investments
  • Banco do Brasil, acting through its Grand Cayman Branch, in connection with its borrowing of a $500 million term facility from China Development Bank, Hong Kong Branch.
  • A global financial institution on the first housing bond issued in Bangladesh, provided to BRAC Bank Limited, intended to support the development of housing finance and constituting an important step in Bangladesh’s long-term bond markets.
  • A global financial institution on the $137 million green A loan to Asset World Corporation in the Thailand real estate market.
  • A global financial institution on the first blue loan in Asia with mobilized funding provided to Indorama Ventures in the Thai recycling sector.
  • A global financial institution on its first sustainable $150 million loan in Asia, and the first sustainable loan for an infrastructure company in Thailand provided to the Ratch group.
  • A global financial institution as hedge provider on the $120 million green debt financing to LOGOS in Indonesia.
Banking and finance
  • A global financial institution on its A loan to Dragon Capital in Vietnam and subsequent parallel loan syndication.
  • A global financial institution on medium and long term $50 million A Loans in Sri Lanka to MAS Capital, the largest apparel and textile manufacturer in South Asia.
  • A global financial institution on the proposed financing of the construction and operation of a building complex in Timor Leste.
  • A global financial institution on the Istisna Ijarah-structured Islamic financing to Engro Polymer aimed to strengthen the Pakistan chemicals industry.
  • Lenders in relation to the term loan facility in connection with the acquisition of certain target businesses in India and Singapore.

Pro bono

  • Advising The Nature Conservancy (TNC) in the creation of “Blue Bonds” to refinance $500 million of Gabon’s national debt which will generate an expected $163 million in new funding for ocean conservation.
  • Advising The Nature Conservancy (TNC) in its innovative financial transaction with the Government of Barbados to redirect a portion of its debt service and generate an estimated $50 million for marine conservation.

Leadership Positions And Professional Affiliations

  • Senior Board Member, Women’s Energy Network New York, January 2025 – present
  • Co-Chair, A&O Shearman WISER (Women's Initiative for Success, Excellence, and Retention), January 2024 – present

Awards

  • Recognized as a "Rising Star" for Energy and Natural Resources in Singapore by IFLR1000, 2021

Qualifications

Admissions

Solicitor, England and Wales, 2016

Attorney-at-law, State of New York, US (admission pending)

Academic

LLB (First Class Honors), University of Leicester, 2013

Legal Practice Couse (Distinction), Kaplan Law School, 2014

Languages

English

Bulgarian

French

German

Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.