OMV Petrom acquires stake in 130 MW of solar in Romania

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OMV Petrom, an integrated energy producer, has expanded its partnership with Romanian green energy company Renovatio by purchasing a 50% stake in three solar projects totaling 130 MW.

The transaction is expected to be completed in the second half of this year. The financial details of the agreement have not been disclosed.

The solar projects, all located in Romania, have already secured access to the national power grid. Once completed, the projects will take the two partners’ total joint installed capacity to more than 1.1 GW.

Earlier this year, OMV Petrom acquired a 50% stake in Romanian energy developer Electrocentrale Borzesti, which owns approximately 1 GW of renewable projects.

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“Partnerships are very important for accelerating the energy transition,” said Franck Neel, a member of the executive board of OMV Petrom. “By combining our strengths we create higher impact overall and contribute to the change for a cleaner environment.”

In April, OMV Petrom launched an engineering, procurement and construction tender for a 710 MW project, which it acquired from Danish developer Jantzen Renewables in July 2023. According to OMV Petrom CEO Christina Verchere, around one-third of its €11 billion ($11.8 billion) of investments will be allocated to low- and zero-carbon projects by 2030.

Romania had deployed 1,917 MW of solar by the end of 2023, according to figures from the International Renewable Energy Agency (IRENA). The country turned on its first floating solar array earlier this month.

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