Acasă » General Interest » Franck Neel: We are working on the financing and EPC contracts for the projects at CE Oltenia

Franck Neel: We are working on the financing and EPC contracts for the projects at CE Oltenia

2 February 2023
General Interest
Bogdan Tudorache

OMV Petrom is currently working on concluding the financing agreement and the EPC contract for the projects developed together with CE Oltenia, said Franck Neel, member of the OMV Petrom Management Board, responding to an Energynomics question. OMV Petrom will build, in partnership with Complexul Energetic Oltenia (CE Oltenia), four photovoltaic parks with a total power of approximately 450 MW.

“We are happy we won this tender in December 2021, and for us, it is in line with our decarbonisation strategy. Two companies join forces to reduce their carbon footprint. We worked a lot together with CE Oltenia to create the legal framework. We created four companies for each project. We are also working on the next, most important step. We want to ensure two things: first, the conclusion of the financing contract for the whole project, (and) the EPC contract, to finalize the technical specifications and the commercial contract to be able to launch the EPC contract, an important step for this project. In parallel, our partners are working on obtaining the building permit and finalizing the grid connection,” said Franck Neel.

In December 2021, OMV Petrom was designated as the selected investor for these projects, at the end of a selection procedure organized by CE Oltenia. The total investments required for the development of the four photovoltaic parks amount to over 400 million euros, about 70% being financed through the Modernization Fund.

“We set out to put into operation a capacity greater than 1 GW of energy from renewable sources by 2030, including through partnerships. By associating with CE Oltenia we are making significant progress towards this goal and together we are contributing to Romania’s energy transition. The installed capacity of the four PV parks will increase by a third the total national installed capacity of solar energy, which is currently around 1.4 GW,” Franck Neel previously stated.

The photovoltaic parks will be built in Ișalnița, Tismana, Roșia and Rovinari, on the sites of former mining operations operated by CE Oltenia.

According to current estimates, the parks will supply electricity to the national energy system starting in 2024.

The project will be developed through four separate legal entities in a 50% – 50% participation structure. The intention is for the electricity produced to be sold by these entities to the two partners, in equal proportion.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.

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