The European Bank for Reconstruction and Development (EBRD) has outlined the progress of Sofia Airport’s 35-year concession, a public-private partnership designed to unlock Bulgaria’s investment, trade and tourism potential, according to a press release. With support from the EBRD’s 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 €624 million in investment, including a new terminal within the first decade. The arrangement marks a significant step in modernizing the country’s 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 concession’s 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 €50 million to a €250 million debt package in 2021. It later provided €57.9 million in indirect equity and €16.3 million in contingent equity. These financial instruments were structured to reinforce the project’s long-term sustainability. The combined package reflects the EBRD’s continued engagement in Bulgaria’s infrastructure sector. Financing was delivered in stages aligned with the project’s 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 Europe’s first five-star regional airport. The operator also aims to be fully carbon-neutral by 2036, with more than €50 million dedicated to decarbonisation. These commitments highlight the environmental dimension of the concession. Service quality and sustainability remain central to the operator’s 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.