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Published June 7, 2024

OMV Petrom signs a new acquisition of photovoltaics projects in Romania

  • OMV Petrom expands the partnership with Renovatio through the acquisition of 50% stake in renewable energy projects amounting to 130 MW 
  • With this new transaction, the total joint portfolio held by the two partners exceeds 1.1 GW 

OMV Petrom, the largest integrated energy producer in Southeastern Europe, strengthens its partnership with Renovatio by acquiring a 50% stake in three photovoltaic projects totalling 130 MW.  

Christina Verchere, CEO of OMV Petrom: "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 bn investments by 2030 will be allocated to low and zero carbon projects.” 

This transaction complements the one announced earlier this year for the acquisition of a 50% stake in Electrocentrale Borzesti, which owns renewable projects with a capacity of approximately 1 GW. 

Completion of the transactions is expected to occur in the second part of 2024, subject to the fulfilment of certain conditions. Parties have agreed not to disclose the purchase price.  These new projects have already received access to the national power transmission grid. 

Franck Neel, member of the Executive Board, responsible for Gas and Power: “We are glad to have Renovatio by our side, they have extensive expertise in renewable energy projects. Partnerships are very important for accelerating the energy transition: by combining our strengths we create higher impact overall and contribute to the change for a cleaner environment”. 

Aurel Arion, CEO of Renovatio: “We are thrilled to continue and extend our partnership with OMV Petrom, aiming towards energy transition and a sustainable economy based on innovation and environmentally friendly technologies. The green energy to be produced by our portfolio projects is an essential step in view of a future aligned with global environmental objectives.” 

The projects will be developed, built, and operated in partnership with Renovatio. Thus, the two partners will have a total joint installed capacity of over 1.1 GW by 2030.  

About OMV Petrom   

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 41 million boe in 2023. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom.  

OMV Petrom is a company in which, as of end-2023, Romanian shareholders hold over 43% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 22.5% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.  

OMV Petrom is one of the largest contributors to the state budget, with approximately 42 billion euro in taxes and dividends paid between 2005 and 2023. During the same period, the company invested approximately 18 billion euro.  

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2023, the company has allocated around 160 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.  

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations. 

About Renovatio   

RENOVATIO operates through several business lines, efficiently integrating the development and construction of renewable energy projects with innovative techniques in their operation and maintenance, long-term supply of green energy to customers, energy efficiency projects, energy storage, as well as the development of the first network of electric vehicle charging stations in Romania. 

For more than 20 years, the dedication to innovation, expertise and customer satisfaction has differentiated Renovatio in the industry, making it a reliable partner for all energy-related needs.