📋 Tender Overview
The European Bank for Reconstruction and Development (EBRD) has outlined the progress of Sofia Airports 35-year concession, a public-private partnership designed to unlock Bulgarias investment, trade and tourism potential, according to a press release. With support from the EBRDs Infrastructure Project Preparation Facility and the IFC, Bulgaria successfully tendered the concession, which was awarded in 2020 to the SofConnect consortium, majority-owned by Meridiam. The consortium committed to at least EUR624 million in investment, including a new terminal within the first decade. The arrangement marks a significant step in modernizing the countrys aviation infrastructure.
Sofia Airport serves as a strategic gateway for Bulgaria, and the concession model was structured to attract long-term private capital while maintaining public oversight. The EBRD and the IFC played an advisory role in preparing the tender. The agreement sets out clear investment commitments over the concessions 35-year span. These conditions were designed to ensure timely infrastructure upgrades. The consortium assumed operational responsibilities following the award.
To support the concession, the EBRD contributed EUR50 million to a EUR250 million debt package in 2021. It later provided EUR57.9 million in indirect equity and EUR16.3 million in contingent equity. These financial instruments were structured to reinforce the projects long-term sustainability. The combined package reflects the EBRDs continued engagement in Bulgarias infrastructure sector. Financing was delivered in stages aligned with the projects development phases.
Despite the impact of Covid-19 on aviation, the airport has upgraded its infrastructure and improved passenger services. It has set an ambition to become Europes first five-star regional airport. The operator also aims to be fully carbon-neutral by 2036, with more than EUR50 million dedicated to decarbonisation. These commitments highlight the environmental dimension of the concession. Service quality and sustainability remain central to the operators roadmap.
Construction of a new Terminal 3 will begin soon and is due for completion before 2030. The facility is set to deliver a modern, green and competitive gateway for Bulgaria. The project continues to advance in line with the commitments made under the concession. It represents a tangible outcome of the partnership between public institutions and private investors. The next phase will focus on building the new terminal within the agreed timeline.
