OMV Petrom Announces New Acquisition of Photovoltaic Projects in Romania

OMV Petrom, the largest integrated energy producer in Southeastern Europe, is expanding its renewable energy portfolio by acquiring a 50% stake in three photovoltaic projects totaling 130 MW. This strategic move strengthens its partnership with Renovatio, a leader in renewable energy projects.

Christina Verchere, CEO of OMV Petrom, emphasized the significance of this acquisition in the company’s broader strategy to reduce its carbon footprint. “The projects for reducing our carbon footprint and that of our customers are a central piece of our strategy. About a third of the EUR 11 billion investments by 2030 will be allocated to low and zero carbon projects,” Verchere stated.

This acquisition complements an earlier transaction announced this year, in which OMV Petrom acquired a 50% stake in Electrocentrale Borzești. Electrocentrale Borzești owns renewable projects with a capacity of approximately 1 GW.

The completion of these transactions is anticipated in the latter half of 2024, pending the fulfillment of certain conditions. The parties have agreed not to disclose the purchase price. Notably, these new projects have already secured access to the national power transmission grid.

Franck Neel, a member of the Executive Board responsible for Gas and Power, highlighted the importance of the partnership with Renovatio. “We are glad to have Renovatio by our side; they have extensive expertise in renewable energy projects. Partnerships are very important for accelerating the energy transition: by combining our strengths, we create higher impact overall and contribute to the change for a cleaner environment,” Neel remarked.

Aurel Arion, CEO of Renovatio, expressed excitement about the continued collaboration with OMV Petrom. “We are thrilled to continue and extend our partnership with OMV Petrom, aiming towards energy transition and a sustainable economy based on innovation and environmentally friendly technologies. The green energy to be produced by our portfolio projects is an essential step in view of a future aligned with global environmental objectives,” Arion said.

These projects will be developed, built, and operated in partnership with Renovatio. By 2030, the two partners aim to achieve a total joint installed capacity of over 1.1 GW, significantly contributing to the renewable energy landscape in Romania.