OMV Petrom, the leading integrated energy producer in South-Eastern Europe, has formalized its involvement in a major photovoltaic project in Bulgaria. The Romanian company acquires 50% of the shares from Enery Element in Dunav Solar Plant EOOD, the developer of the Gabare project, located in Byala Slatina near Sofia, with an installed capacity of approximately 400 megawatts (MW).
Financial and operational terms
This partnership anticipates a joint investment of about €200 million by 2027, including external financing. Implementation of the Gabare project involves the installation of solar panels equipped with tracking technology, designed to optimize electricity production by following the sun’s path. Additionally, an option for a Battery Energy Storage System (BESS) with a potential capacity of 600 megawatt-hours (MWh) is being considered to enhance grid flexibility.
Construction permits and grid connection approvals from the Bulgarian authorities have already been obtained. The Final Investment Decision (FID) is expected by the end of 2025, with commercial operation projected to commence in 2027.
Associated Power Purchase Agreement
Alongside this acquisition, OMV Petrom is also securing a long-term Power Purchase Agreement (PPA), guaranteeing the Romanian company access to half of the electricity produced by the Gabare solar park. Once operational, the solar park could generate sufficient electricity to meet the equivalent annual consumption of 150,000 average Bulgarian households.
The partnership between OMV Petrom and Enery aligns with a regional strategy aimed at bolstering their presence in South-Eastern Europe, a region experiencing continuous energy demand growth. The acquisition is expected to be finalized in the second half of 2025, subject to the fulfilment of certain contractual conditions.
Strategic positions of the stakeholders
Franck Neel, Executive Board member of OMV Petrom responsible for the Gas & Power division, highlighted that the partnership with Enery will strengthen the company’s position in the regional market, while ensuring a stable supply of low-carbon energy. For his part, Richard König, Chief Executive Officer of Enery, emphasized his company’s ability to structure innovative industrial partnerships, providing both scale and financial stability.
The financial structure, regulatory procedures already completed, and industrial partnership are expected to position the Gabare solar park as one of the landmark photovoltaic projects in the region in the coming years.
