OMV Petrom, the largest integrated energy producer in Southeastern Europe, is strengthening its partnership with Renovatio by acquiring a 50 per cent stake in three photovoltaic projects totalling 130 megawatts (MW).
“The projects for reducing our carbon footprint and that of our customers, are a central piece of our strategy,” said Christina Verchere, CEO of OMV Petrom. “About a third of the 11 billion euros investments by 2030 will be allocated to low and zero carbon projects.”
“We are glad to have Renovatio by our side, they have extensive expertise in renewable energy projects,” added Franck Neel, member of the Executive Board, responsible for Gas and Power. “Partnerships are very important for accelerating the energy transition: by combining our strengths we create higher impact overall and contribute to the change for a cleaner environment.”
This transaction complements the one announced earlier this year for the acquisition of a 50 per cent stake in Electrocentrale Borzesti, which owns renewable projects with a capacity of approximately 1 gigawatt (GW).
Completion of the transactions is expected to occur in the second part of 2024, subject to the fulfilment of certain conditions. Parties have agreed not to disclose the purchase price. These new projects have already received access to the national power transmission grid.
“We are thrilled to continue and extend our partnership with OMV Petrom, aiming towards energy transition and a sustainable economy based on innovation and environmentally friendly technologies,” stated Aurel Arion, CEO of Renovatio. “The green energy to be produced by our portfolio projects is an essential step in view of a future aligned with global environmental objectives.”
The projects will be developed, built and operated in partnership with Renovatio. Thus, the two partners will have a total joint installed capacity of over 1.1 GW by 2030.