In a strategic move to bolster its renewable energy portfolio, OMV Petrom, Southeastern Europe’s largest integrated energy producer, has completed two notable deals with Renovatio Group. These deals signify a bold step forward in the company’s commitment to sustainability and decarbonization.
Major Acquisition and Project Development
OMV Petrom has acquired 50% of the shares of Electrocentrale Borzești from RNV Infrastructure. This acquisition includes renewable energy projects with a total capacity of approximately 1,000 MW, composed of 950 MW wind power and 50 MW photovoltaic capacity. The wind power projects will be carried forward through a collaborative effort in their development, construction, and operational phases. Meanwhile, the photovoltaic project is currently undergoing production tests.
In another deal with Renovatio Group, OMV Petrom has obtained renewable energy production assets totaling around 18 MW of capacity. This includes 16 MW of wind power and 2 MW of hydroelectric power. These newly acquired assets will be managed by OMV Petrom following approvals from the Competition Council and the Commission for the Examination of Foreign Direct Investments.
Commitment to Renewable Energy
Franck Neel, OMV Petrom’s Executive Board Member for Gas and Power, emphasized the company’s unwavering commitment to renewable energy. He stated that OMV Petrom’s inclusion in the renewable energy sector solidifies their dedication, with part of their portfolio already feeding into the grid. On the other side, Aurel Arion, CEO of Renovatio, expressed confidence in Romania’s renewable energy market, affirming their commitment to a sustainable energy future.
Project Locations and Future Plans
The specific projects developed with RNV Infrastructure are based in northeastern Romania. This includes a photovoltaic farm currently in its testing phase and several wind farms anticipated to commence production between 2025 and 2027. OMV Petrom’s annual production share from these initiatives is approximately 1.4 TWh. Furthermore, the operational assets in eastern and northwestern Romania include two wind farms with a combined capacity of 16 MW and a 2 MW micro-hydro power plant. Together, these facilities are expected to generate an estimated 45 GWh annually.
Strategic Implications
In a strategic initiative to expand its renewable energy portfolio, OMV Petrom, the largest integrated energy producer in Southeastern Europe, has finalized two significant agreements with the Renovatio Group. These deals highlight a substantial advancement in OMV Petrom’s ongoing commitment to sustainability and efforts to reduce carbon emissions. By partnering with Renovatio Group, a prominent player in renewable energy, OMV Petrom aims to enhance its capabilities in generating cleaner energy and reduce its carbon footprint. These agreements are more than just transactions; they embody a strategic vision aimed at long-term environmental responsibility and positioning OMV Petrom as a leader in the energy transition. This shift towards renewable energy is crucial not just for the company, but for the broader goals of mitigating climate change and promoting green energy solutions in the region. With these deals, OMV Petrom is not only aligning itself with global sustainability trends but also taking actionable steps to lead the way in a greener future. The collaboration with Renovatio underscores a dedicated effort to diversify energy resources and reinforce sustainable practices.
