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 Romania’s OMV Petrom to Buy 50% Stake in RE Producer Electrocentrale Borzesti


Romania’s OMV Petrom to Buy 50% Stake in RE Producer Electrocentrale Borzesti

Romanian oil and gas company OMV Petrom, the largest integrated energy company in Southeast Europe, said that it will acquire a 50% stake from RNV Infrastructure in Electrocentrale Borzesti, which holds approximately 1GW capacity of renewable projects, out of which 950 MW wind and 50MW photovoltaic.

The projects will be further developed, built and operated in partnership with RNV Infrastructure.

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

Through this newly formed partnership, OMV Petrom together with Renovatio plan to invest around $1.42 billion, including project financing, in renewables in Romania. OMV Petrom’s contribution for the acquisition and construction of these projects is estimated to be up to $382.13 million.

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

Diversified RE Projects

Christina Verchere, CEO OMV Petrom, said that with these transactions, OMV progress significantly towards building a strong and diversified portfolio of renewable projects. Our ambition is to maintain our leadership position in the energy field in South-Eastern Europe, while transforming the business for a lower carbon future, Christina added.

Aurel Arion, CEO of Renovatio, said that starting with day one, Renovatio aimed towards a cleaner future and efficiently used resources.

“We are thrilled to partner with OMV Petrom for building projects of approximately 1GW that will deliver green energy in Romania, along with continuing the sustainable development of electric mobility services. We strongly believe that together, by combining our strengths and values, we will contribute to achieving the objectives of the European Green Deal, as well as a healthier environment for the industry and the community,” Aurel added.

By acquiring 50% of the largest portfolio of wind power in Romania, OMV Petrom will develop four wind parks and the photovoltaic park in the North Eastern part of Romania. According to current estimates, the park is expected to supply electricity to the national energy system starting later this year, while the wind parks are expected to gradually start production, between 2025 and 2027. The projects have already been granted access to the electricity network.

With the acquisition of 100% shares in Renovatio Asset Management, OMV Petrom will become the largest player in e-mobility in Romania, adding more than 400 charging points to the existing network.

As of the end of 2023, OMV Petrom’s regional network had approximately 270 charging points installed, including through partnerships. The development of the e-mobility network adds to the company’s efforts to contribute to the decarbonisation of transport in Romania and in the region.

Renovatio is an infrastructure asset owner, manager and development group of companies focused on the renewable energy sector. Operating for more than 20 years across the entire value chain and lifecycle of renewables projects, Renovatio has built comprehensive expertise in development, engineering, procurement and operational management of wind and PV assets, and has a solid track record of successful project development (+3,000 MW of wind and +800 MW of PV projects) in Romania and other emerging markets.

OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 43 million boe in 2022. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present in the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom.

Global Business Magazine

Global Business Magazine

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