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Bilyana Belcheva


Bilyana Belcheva is an associate in the Project Development & Finance practice. She 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. Clients frequently call on her to help them 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 many of the top multilateral development and commercial banks, development finance institutions and export credit agencies from around the globe.


Representative matters

Power and Renewables:

Consortium on the bid for the proposed CODELCO Water Supply Project in Chile.

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.

IFC as lender and hedge provider on the 60 MW solar power plant in Cambodia's Kampong Chhnang province (as seconded counsel).

The Lenders, including IFC, in connection with the development and financing of a programme of 6 wind farms in Pakistan.

IFC 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 ICD on the financing of the Shobak wind project in Jordan.

IFC 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.

IFC, 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.

IFC, 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. ("Asia Pacific Power Deal of the Year" (2017) by IJGlobal).

JBIC and the commercial lenders on the development and financing of the $3 billion 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 Citibank, as lenders to Genting Energy on the 660 MW coal-fired Banten IPP in Indonesia.

Sustainability-linked Investments:

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.

Banco do Brasil in connection with a major financing from an Asian development bank IFC on the first housing bond issued in Bangladesh, provided to BRAC Bank Limited. The project will support the development of housing finance and constitute an important step in Bangladesh's long-term bond markets.

IFC on the US$137 million green A loan to Asset World Corporation in the Thailand real estate market (as seconded counsel).

IFC on the first blue loan in Asia with mobilised funding provided to Indorama Ventures in the Thai recycling sector (as seconded counsel).

IFC on its first sustainable US$150 million loan in Asia, and the first sustainable loan for an infrastructure company in Thailand provided to the Ratch group (as seconded counsel).

IFC as hedge provider on the US$120 million green debt financing to LOGOS in Indonesia (as seconded counsel).

Other Financings:

IFC on its A loan to Dragon Capital in Vietnam and subsequent parallel loan syndication (as seconded counsel).

IFC on medium and long term US$50 million A Loans in Sri Lanka to MAS Capital, the largest apparel and textile manufacturer in South Asia (as seconded counsel).

IFC on the proposed financing of the construction and operation of a building complex in Timor Leste (as seconded counsel).

IFC on the Istisna Ijarah-structured Islamic financing to Engro Polymer aimed to strengthen the Pakistan chemicals industry (as seconded counsel).

Lenders in relation to the term loan facility in connection with the acquisition of certain target businesses in India and Singapore.

Oil & Gas:

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.

The lenders on the reserve based lending and limited recourse project financing of an offshore oil & gas project in Egypt.


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



Solicitor, England and Wales


Kaplan Law School LPC (With Distinction)

University of Leicester LL.B., with year abroad (First Class Honours)


English, German, Bulgarian
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.