Austrian renewable energy firm Enery and Romanian oil and gas company OMV Petrom have agreed to jointly develop a large-scale solar and battery storage project in north-western Bulgaria, with operations expected to begin in 2027.
The planned Gabare project will have a photovoltaic (PV) capacity of 400 megawatts (MW) and is designed to accommodate a battery energy storage system (BESS) of up to 600 megawatt-hours (MWh). The two companies will invest around €200 million in the 50-50 joint venture, combining their own equity with external financing.
A final investment decision (FID) is expected by the end of 2025.
“By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence on this neighbouring market and we are supporting the region’s energy transition,” said Franck Neel, OMV Petrom executive board member for gas and power. “We believe that natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability.”
As part of the agreement, OMV Petrom will enter a 10-year power purchase agreement (PPA) to secure around half of the electricity produced at the site, offering the project long-term revenue stability.
Enery CEO Richard König said the project demonstrates the company’s ability to form strategic partnerships. “By securing a 50% long-term PPA with OMV Petrom as part of the investment framework, we are not only ensuring long-term revenue stability for the project, but also setting a benchmark for how industrial players can actively participate in the energy transition in the region,” he said.
The Gabare project is positioned to become one of the largest integrated solar and storage facilities in south-east Europe, contributing to Bulgaria’s renewable energy targets and regional decarbonisation efforts.
