SOF Connect, the concessionaire of Vasil Levski Sofia Airport in Bulgaria, has secured €450 million (US$523 million) in financing from international capital markets and financial institutions (including the EBRD and UniCredit) for the design and construction of a new Terminal 3, and modernization of existing airport infrastructure.

The funds will finance the construction of the new Terminal 3, with building works set to commence in autumn 2026, along with the modernization of the airport’s existing infrastructure. These investments are intended to ensure the airport has sufficient capacity to support its growth and operations for the next 30 years. The financing package combines bank loans with a bond issuance, marking the first time a project financing bond for a PPP in Bulgaria. 

Several leading international investors and financial institutions are supporting the project, notably the European Bank for Reconstruction and Development (EBRD) and UniCredit Group. Construction of Terminal 3 is expected to last five years, with completion targeted for April 2031 — the official deadline for the entire project. Once finished, the airport expansion will feature a total of 34 gates and the capacity to handle up to 20 million passengers per year, with the new Terminal 3 serving approximately half of that volume. Upon completion and integration of Terminal 3 with Terminal 2, the existing Terminal 1 will be closed.