OMV Petrom announces new acquisition of photovoltaic projects in Romania

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

Christina Verchere, CEO of OMV Petrom, emphasized the importance of this acquisition in the company’s broader strategy to reduce its carbon footprint. “Projects to reduce our and our customers’ carbon footprint are a central part of our strategy. About one-third of the €11 billion investment by 2030 will go to low- and zero-emission projects,” Verchere said.

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.

These transactions are expected to be completed in the second half of 2024, subject to certain conditions being met. The parties agreed not to disclose the purchase price. It is worth noting that these new projects have already provided access to the national energy transmission network.

Franck Neel, member of the management board responsible for gas and energy, emphasized the importance of the partnership with Renovatio. “We are happy to have Renovatio by our side; have extensive expertise in renewable energy projects. Partnerships are very important to accelerate the energy transition: by combining our strengths, we overall have a greater impact and drive change for a cleaner environment,” Neel noted.

Aurel Arion, CEO of Renovatio, expressed his excitement about the continued cooperation with OMV Petrom. “We are excited to continue and expand our cooperation with OMV Petrom, which aims to achieve an 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 important step towards a future consistent with global environmental goals,” Arion said.

These projects will be developed, built and operated in cooperation with Renovatio. Both partners aim to achieve a combined installed capacity of over 1.1 GW by 2030, which will significantly contribute to the development of the renewable energy landscape in Romania.

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