Romania’s OMV Petrom Signs Deals to Acquire Green Projects

Romanian largest oil company OMV Petrom said it 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,” OMV Petrom said in a statement.

By acquiring 50% of the largest wind power portfolio in Romania, OMV Petrom The four wind parks and the photovoltaic park will be built in the Northeastern part of Romania.

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

As of the end of 2023, OMV Petrom regional network had approximately 270 charging points installed, including through partnerships.

Through this newly formed partnership, OMV Petrom together with Renovatio plan to invest by 2027 approximately 1.3 billion euro in renewables in Romania.

OMV Petrom’s contribution for the acquisition and construction of these projects is estimated to be up to 350 million euro, the statement said.

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

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