OMV Petrom, Southeast Europe’s largest integrated energy producer, expands its renewable energy portfolio by acquiring a 50% stake in three 130MW photovoltaic projects in partnership with Renovatio. This operation brings their combined capacity to over 1.1GW.
This acquisition is in addition to the previous agreement for a 50% stake in Electrocentrale Borzești, which has renewable projects of around 1GW. Completion of these transactions is scheduled for the second half of 2024, subject to certain conditions. The purchase price remains confidential, but the projects already have access to the national transmission network.
Strategic Strengthening and Development
OMV Petrom, in partnership with Renovatio, continues to diversify its energy portfolio to include more renewable sources. Franck Neel, member of the Executive Board responsible for gas and electricity, stated that this strategic alliance aims to consolidate the position of both companies on the green energy market in Romania. This project echoed the dynamism of the Romanian solar market, as demonstrated by Photon Energy’s 15 million euro project.
Partnership objectives and prospects
The projects will be developed, built and operated jointly by OMV Petrom and Renovatio, targeting a total installed capacity of over 1.1GW by 2030. This strategic expansion is essential for OMV Petrom in its quest to strengthen its presence in the renewable energies sector.
OMV Petrom is a major player in Southeast Europe’s energy sector, with annual production of 41 million barrels of oil equivalent (boe) by 2023. The group has a refining capacity of 4.5 million tonnes per year and operates an 860MW gas-fired power plant. OMV Petrom is also present in the petroleum products distribution market in Romania and neighboring countries via some 780 service stations under the OMV and Petrom brands.
Economic Impact and Market Development
This acquisition marks a crucial step for OMV Petrom and Renovatio in their expansion strategy in the renewable energies market. By joining forces, the two companies aim to increase their production capacity and strengthen their strategic position in Romania, paving the way for new collaboration opportunities.
Renovatio brings its expertise and experience in the development and management of renewable energy projects, essential to the success of these new initiatives. This partnership combines the strengths of both companies to meet the growing challenges of the energy market.
The expansion of renewable energy production capacity by OMV Petrom and Renovatio responds to the growing demand for clean, renewable energy, potentially attracting additional investment and paving the way for new collaboration opportunities.
