OMV Petrom signs new acquisition of PV projects in Romania

Green Forum
OMV Petrom, the leading integrated energy producer in Southeastern Europe, has solidified its collaboration with Renovatio through a new acquisition venture in Romania's photovoltaic sector.

This move entails OMV Petrom acquiring a 50% stake in three photovoltaic projects, totaling 130 MW.
Christina Verchere, CEO of OMV Petrom, highlighted the significance of such projects in their carbon footprint reduction strategy, stating that a significant portion of their planned EUR 11 billion investments by 2030 will be directed toward low and zero-carbon initiatives.

This acquisition adds to a prior agreement announced earlier in the year, involving a 50% stake acquisition in Electrocentrale Borzesti, which holds renewable projects with a capacity of approximately 1 GW. The completion of these transactions is anticipated in the latter half of 2024, subject to specific conditions, with the purchase price remaining undisclosed.
Franck Neel, a member of the Executive Board overseeing Gas and Power, expressed satisfaction in having Renovatio as a partner, citing their expertise in renewable energy projects. Neel emphasized the importance of partnerships in expediting the energy transition, underscoring the collaborative efforts to foster environmental sustainability.

Aurel Arion, CEO of Renovatio, echoed enthusiasm about extending their partnership with OMV Petrom, aligning with objectives for energy transition and a sustainable economy driven by innovation and environmentally friendly technologies.
The projects will be jointly developed, constructed, and operated with Renovatio, projecting a total joint installed capacity of over 1.1 GW by 2030.

As for OMV Petrom, it maintains a prominent position in Southeastern Europe's energy landscape, boasting an annual hydrocarbon production of around 41 million boe in 2023. With refining capabilities and a high-efficiency gas-fired power plant, OMV Petrom operates in the oil products retail market across Romania and neighboring countries through approximately 780 filling stations under the OMV and Petrom brands.
OMV Petrom's ownership structure reflects significant Romanian shareholder involvement, with over 43% of shares held by Romanian entities as of end-2023. OMV Aktiengesellschaft, a major Austrian industrial company, holds a 51.2% stake, while the remainder is owned by other foreign investors.

Over the years, OMV Petrom has been a substantial contributor to the state budget, with substantial investments in corporate responsibility initiatives, community development, and environmental protection. Additionally, the company has committed to supporting recommendations for climate-related financial disclosures, reinforcing its dedication to addressing climate change concerns.

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Green Forum  |  20 June, 2024 at 8:04 AM