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OMV Petrom Expands Renewable Energy Portfolio with Acquisition of Photovoltaic Parks in Romania

Credit: Andreas Gucklhorn via Unsplash

In its pursuit of enhancing sources by the end of the decade, , the Romanian subsidiary majority-owned by Austria's OMV, has announced its plans to purchase multiple photovoltaic parks in the domestic market. This move is aligned with the company's objective of achieving at least 1 gigawatt (GW) of installed renewable capacity by 2030.

The forthcoming involves the collaboration of Danish firm , which is currently developing the photovoltaic parks. The transaction is expected to be finalized in the second quarter of 2024, once the projects reach the “ready-to-build” phase, as confirmed by OMV Petrom.

See also: European North Sea Countries to Quadruple Offshore Wind Energy Capacity by 2030

With a combined installed capacity of approximately 710 MW, these photovoltaic parks will contribute significantly to 's renewable energy generation. Moreover, the electricity generated by these parks will be substantial enough to cater to the annual energy needs of approximately 280,000 households.

OMV Petrom highlighted that the projects have already secured access to the national electricity transmission network, which ensures their seamless integration into the country's power infrastructure.

This strategic acquisition demonstrates OMV Petrom's commitment to transitioning towards sustainable energy sources and reducing its reliance on traditional oil and gas operations. By expanding its renewable energy portfolio, the company is taking a significant step towards fulfilling its long-term environmental goals.

See also: Nordic Solar and Helios Nordic Energy Expand Partnership for Two New Solar Parks in Sweden

As the global energy sector continues to evolve, OMV Petrom's endeavors to embrace renewable energy highlight the growing significance of sustainable practices in the industry. Through such initiatives, companies like OMV Petrom contribute to the advancement of a greener and more environmentally conscious future.

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