Romanian oil company OMV Petrom announced on Friday its agreement to purchase a 50% stake in three photovoltaic (PV) projects in Romania, with a combined capacity of 130 MW, in a move to bolster its partnership with local clean energy firm Renovatio.
This transaction marks a significant expansion of the joint portfolio held by OMV Petrom and Renovatio, bringing the total capacity to over 1.1 GW.
The acquisition follows a previous deal earlier in 2024, where OMV Petrom secured a 50% stake in Electrocentrale Borzesti, the owner of 1 GW of renewable projects. The completion of these acquisitions is anticipated in the latter half of 2024, as per the company's announcement.
The newly acquired PV projects have already secured access to the transmission grid and will be developed, constructed, and operated in collaboration with Renovatio. With these additions, the partners envision surpassing 1.1 GW of joint installed capacity by 2030.
Christina Verchere, Chief Executive of OMV Petrom, emphasized the significance of these renewable initiatives in the company's strategic agenda, stating, “The projects for reducing our carbon footprint and that of our customers, are a central piece of our strategy. About a third of the EUR 11 billion investments by 2030 will be allocated to low and zero carbon projects.”
