OMV Petrom Acquires 50% Stake in 130 MW Photovoltaic Projects in Partnership with Renovatio

OMV Petrom, the largest integrated energy producer in Southeastern Europe, has strengthened its partnership with Renovatio by acquiring a 50% stake in three photovoltaic projects with a total capacity of 130 MW. This move is part of OMV Petrom’s broader strategy to reduce its carbon footprint and invest in low- and zero-carbon projects.

Christina Verchere, CEO of OMV Petrom, emphasized the company’s commitment to sustainability: “The projects to reduce our carbon footprint and that of our customers are a central part of our strategy. Around a third of the EUR 11 billion investments by 2030 will be allocated to low- and zero-carbon projects.”

This acquisition complements OMV Petrom’s earlier purchase of a 50% stake in Electrocentrale Borzesti, which owns renewable energy projects with a capacity of around 1 GW. Both transactions are expected to close in the second half of 2024, subject to certain conditions. The financial details of the transactions remain undisclosed. Notably, the new projects have already secured access to the national electricity transmission network.

Franck Neel, Member of the Management Board responsible for Gas and Power at OMV Petrom, highlighted the importance of the partnership: “We are delighted to have Renovatio on our side because the company has extensive experience in renewable energy projects. Partnerships are very important to accelerate the energy transition: by combining our strengths, we achieve a greater overall impact and contribute to the transition towards a cleaner environment.”

Aurel Arion, CEO of Renovatio, echoed these sentiments: “We are very pleased to continue and expand our partnership with OMV Petrom. Our goal is the energy transition and a sustainable economy based on innovation and environmentally friendly technologies. The green energy to be generated by our portfolio projects is an essential step towards a future that is in line with global environmental goals.”

The projects will be developed, built, and operated in partnership with Renovatio. Together, OMV Petrom and Renovatio aim to achieve a combined total installed capacity of over 1.1 GW by 2030, significantly contributing to the region’s renewable energy capacity and environmental sustainability.

4o