Romanian oil firm OMV Petrom has announced its entry into the renewables sector with a 50% ownership stake in a domestic company holding a substantial 1 GW portfolio of renewable energy projects, primarily comprising onshore wind assets.
The agreement includes the acquisition of half of Electrocentrale Borzesti's stock from RNV Infrastructure, marking OMV Petrom's largest foray into green projects within the country. Electrocentrale Borzesti owns four onshore wind farms totaling 950 MW and a 50-MW solar photovoltaic (PV) project, all with established grid access.
While financial details of the transaction remain undisclosed, the collaboration between RNV Infrastructure and OMV Petrom in the development of these projects is set to commence after the deal's anticipated closure in the first half of this year. The solar farm is slated to become operational this year, with the four wind parks expected to be progressively commissioned between 2025 and 2027.
In addition to its renewable energy ventures, OMV Petrom is set to acquire Renovatio Asset Management, a Romanian company with ownership of an electric vehicle (EV) charging network comprising over 400 stations. The plan is to expand this network to 650 charging stations by 2026.
This strategic move aligns with the firms' joint commitment to inject EUR 1.3 billion (USD 1.42 billion) in financing into the Romanian renewables sector by 2027.
Christina Verchere, CEO of OMV Petrom, emphasized the company's ambition to maintain a leadership position in the energy sector in South-Eastern Europe while strategically transforming its business for a lower carbon future.