OMV Petrom Signs the Largest Acquisition of Green Projects in Romania

Source: www.gulfoilandgas.com 1/3/2024, Location: Europe

OMV Petrom, the largest integrated energy company in Southeast Europe, will acquire from RNV Infrastructure a 50% stake in Electrocentrale Borzesti, which holds approximately 1 GW capacity of renewable projects, out of which 950 MW wind and 50 MW photovoltaic. The projects will be further developed, built and operated in partnership with RNV Infrastructure.

Furthermore, OMV Petrom will fully acquire Renovatio Asset Management, the owner of Romania’s leading EV charging network, with more than 400 EV charging points in Romania and plans to increase to approximately 650 by 2026.

Through this newly formed partnership, OMV Petrom together with Renovatio plan to invest by 2027 approximately EUR 1.3 bn, including project financing, in renewables in Romania. OMV Petrom’s contribution for the acquisition and development of these projects is estimated to be up to EUR 350 mn.

The closing of the transactions is expected to take place in the first half of 2024, after fulfilment of certain conditions.

Christina Verchere, CEO OMV Petrom: “We welcome the partnership with Renovatio. With these transactions we progress significantly towards building a strong and diversified portfolio of renewable projects. Our ambition is to maintain our leadership position in the energy field in South-Eastern Europe, while transforming the business for a lower carbon future.”

Aurel Arion – CEO Renovatio: “Starting with day one, Renovatio aimed towards a cleaner future and efficiently used resources. We are thrilled to partner with OMV Petrom for building projects of over 1 GW that will deliver green energy in Romania, along with continuing the sustainable development of electric mobility services. We strongly believe that together, by combining our strengths and values, we will contribute to achieving the objectives of the European Green Deal, as well as a healthier environment for the industry and the community.”

By acquiring 50% of the largest portfolio of wind power in Romania, OMV Petrom The four wind parks and the photovoltaic park will be built in the Northeastern part of Romania. According to current estimates, the park is expected to supply electricity to the national energy system starting 2024, while the wind parks are expected to gradually start production, between 2025 - 2027. The projects have already been granted access to the electricity network.

With the acquisition of 100% shares in Renovatio Asset Management, OMV Petrom will become the largest player in e-mobility in Romania, adding more than 400 charging points to the existing network. As of the end of 2023, OMV Petrom regional network had approximately 270 charging points installed, including through partnerships. The development of the e-mobility network adds to the company’s efforts to contribute to the decarbonization of transport in Romania and in the region.


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