OMV Petrom Acquires 50% Stake in Gabare Solar Project, Boosting Bulgaria’s Renewable Energy

OMV Petrom, the largest integrated energy producer in South-Eastern Europe, has partnered with Enery on a major photovoltaic project near Sofia, Bulgaria, in Byala Slatina. OMV Petrom is acquiring a 50% stake from Enery Element in Dunav Solar Plant EOOD, the developer of the Gabare solar project with an installed capacity of around 400 MW. The project may also include a battery energy storage system. Once operational, the PV park could supply electricity to approximately 150,000 Bulgarian households annually based on average consumption.

“By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence on this neighbouring market and are supporting the region’s energy transition. We believe that natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability. We’re excited to be partnering with Enery, a company that brings deep expertise in renewable energy, as well as a shared commitment to building a more sustainable future. Their collaborative spirit and forward-looking approach make them an ideal partner as we move ahead with this important project.  
The investment framework also includes the acquisition by OMV Petrom of 50% of the electricity production from the project, through a power purchasing agreement (PPA) further reinforcing our commitment to securing low carbon and reliable energy”, said Franck Neel, OMV Petrom Executive Board Member responsible for Gas & Power division. 

“This joint venture is a strong testament to Enery’s ability to structure innovative partnerships that deliver both scale and certainty, as well as Enery Element’s development capability in the region. By securing a 50% long-term PPA with OMV Petrom as part of the investment framework, we are not only ensuring long-term revenue stability for the project, but also setting a benchmark for how industrial players can actively participate in the energy transition in the region. We appreciate the efficient cooperation between the two project teams and the advisors which made the joint venture possible and look forward to working jointly towards reaching commercial operations date of this landmark renewable project. We would also like to thank the Enery Element team for their excellent work in developing the project”, said Richard König, Chief Executive Officer of Enery. 

The transaction is expected to close in the second half of 2025, subject to certain conditions. The Gabare solar park will feature solar tracking technology to maximize energy output and is considering a battery storage system with up to 600 MWh capacity. With construction permits and grid connection secured, the final investment decision is planned for late 2025, and commercial operation is targeted for 2027. Together, OMV Petrom and Enery plan to invest around €200 million by 2027, including external financing.