OMV Petrom, the largest integrated energy company in Southeast Europe, will acquire from RNV Infrastructure a 50% stake in Electrocentrale Borzești, which owns projects from renewable sources with a capacity of approximately 1 GW, of which 950 MW of wind and 50 MW of photovoltaic. The projects will be developed, built and operated in partnership with RNV Infrastructure.
Furthermore, OMV Petrom will fully acquire Renovatio Asset Management, the owner of the largest charging network for electric vehicles in Romania, with over 400 charging points in Romania, with growth prospects to around 650 by 2026.
Through this newly formed partnership, OMV Petrom together with Renovatio plans to invest, until 2027, about 1.3 billion euros, including bank financing, in renewable sources in Romania. OMV Petrom’s contribution to the acquisition and construction of these projects is estimated at up to 350 million euros.
Completion of the transactions is expected to occur in the first part of 2024, subject to the fulfillment of certain conditions.
“We are happy with the partnership with Renovatio. With these transactions, we are making significant progress towards building a strong and diversified portfolio of renewable projects. Our ambition is to maintain our leading position in energy in South-East Europe, while transforming the business for a low-carbon future,” said Christina Verchere, CEO of OMV Petrom.
“Since its inception, Renovatio has aimed for a cleaner future and efficiently used resources. We are excited to enter into partnership with OMV Petrom to build approximately 1 GW in projects that will deliver green energy in Romania and to continue the sustainable development of electric mobility services. We are confident that together, by combining our strengths and values, we will contribute to the achievement of the objectives of the European Green Deal, as well as a healthier environment for industry and the community,” added Aurel Arion, General Manager of Renovatio.
By acquiring 50% of the largest portfolio of wind projects in Romania, OMV Petrom completes the existing portfolio of 1 GW photovoltaic projects. The photovoltaic park and the four wind farms will be built in the north-eastern area of Romania. According to current estimates, the photovoltaic farm should supply electricity to the national energy system from the beginning of 2024, while the wind farms are expected to gradually start production between 2025-2027. The projects have already been granted access to the national electricity transmission network.
With the acquisition of 100% of the shares of Renovatio Asset Management, OMV Petrom will become the largest player in the field of electric mobility in Romania, adding more than 400 new charging points to the existing network. At the end of 2023, OMV Petrom’s regional network had approximately 270 charging points installed, including through partnerships. The development of the electric mobility network adds to the company’s efforts to contribute to the decarbonization of transport in Romania and in the region.