OMV Petrom, the largest integrated energy producer in Southeastern Europe, has reinforced its partnership with Renovatio by acquiring a 50 percent stake in three photovoltaic projects with a total capacity of 130 MW.

Christina Verchere, CEO of OMV Petrom, emphasised the strategic importance of this move: “Projects aimed at reducing our carbon footprint and that of our customers are central to our strategy. Approximately one-third of the EUR 11 billion investments planned by 2030 will be allocated to low and zero carbon projects.”

This acquisition follows an earlier transaction announced this year, where OMV Petrom acquired a 50 percent stake in Electrocentrale Borzesti, which manages renewable projects with a capacity of around 1 GW. The completion of the new transactions is expected in the second half of 2024, subject to certain conditions being met. The purchase price remains undisclosed. Notably, these new projects have already secured access to the national power transmission grid.

Franck Neel, executive board member responsible for Gas and Power, stated, “We are pleased to have Renovatio by our side, given their extensive expertise in renewable energy projects. Partnerships are crucial for accelerating the energy transition; by combining our strengths, we create a higher impact overall and contribute to a cleaner environment.”

Aurel Arion, CEO of Renovatio, expressed enthusiasm about the extended collaboration: “We are thrilled to continue and expand our partnership with OMV Petrom, focusing on energy transition and a sustainable economy driven by innovation and environmentally friendly technologies. The green energy produced by our portfolio projects is an essential step towards a future aligned with global environmental objectives.”

The projects will be developed, built, and operated in collaboration with Renovatio. By 2030, the two partners will jointly have an installed capacity of over 1.1 GW.

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10th June 2024