Renewable Energy Projects

We are committed to developing our renewable portfolio of projects, including through partnerships, to reach our strategic goals and we have achieved significant progress in this respect.

Together with Complexul Energetic Oltenia, OMV Petrom builds four PV parks with a total capacity of ~450 MW. In July 2023, the financing contracts were signed with the Ministry of Energy, a major milestone for the projects. The total investment required for the development of the four PV parks amounts to over EUR 400 mn, 70% financed through the Modernization Fund. Following the signing of the financing contracts, the public tendering for the EPCC (Engineering Procurement Construction & Commissioning) contract was launched at the end of September 2023. Find out more on www.parc-verde.ro.

Also, in June 2023, OMV Petrom signed an agreement for the purchase of several photovoltaic parks in Romania. The total installed power of the photovoltaic parks will be around 710 MW. The projects are being developed by the Danish developer Jantzen Renewables ApS in Teleorman country until the projects reach the "ready-to-build" phase. The completion of the transaction is estimated for 2024. They have already been granted access to the national electricity transmission network. The locations chosen for the PV parks have the potential for strong yields in terms of solar energy. Find out more.

In December 2023, OMV Petrom signed the agreement to purchase from RNV Infrastructure a 50% stake in Electrocentrale Borzești S.A., which holds approximately 1 GW capacity of renewable projects, out of which 950 MW wind and 50 MW photovoltaic. The four wind parks and the photovoltaic park will be built in the Northeastern part of Romania. The projects have already been granted access to the electricity network. Find out more.

This builds significant momentum in achieving strategic targets to transition to low and zero carbon.