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OMV Petrom Acquires New Solar PV

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Picture of Anamika Talwaria

Anamika Talwaria

Editor & Head of Content for Tank Storage Magazine & StocExpo and Chair of Women in Tanks.
Solar photovoltaic PV plant ground mounted with central inverters

OMV Petrom, the largest integrated energy producer in Southeastern Europe, has strengthened its partnership with Renovatio by acquiring a 50% stake in three photovoltaic projects totalling 130 MW. Christina Verchere, CEO of OMV Petrom says: ‘The projects for reducing our carbon footprint and that of our customers, are a central piece of our strategy. About a third of the €11 billion 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 Romania’s national power transmission grid.

Franck Neel, member of the executive board, responsible for Gas and Power says: ‘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 adds: ‘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.’

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