OMV Petrom has acquired a 50% stake in three solar PV projects totalling 130 MW in Romania.
As a result of investment, OMV Petrom has entered into a new partnership with Renovatio to develop, build, and operate the Romanian solar projects.
“The projects for reducing our carbon footprint and that of our customers, are a central piece of our strategy,” said Christina Verchere, CEO of OMV Petrom.
“About a third of the €11 billion investments by 2030 will be allocated to low and zero carbon projects.”
Under the new partnership, OMV Petrom and Renovatio aim to install over 1.1 GW of renewables capacity by 2030.
OMV’s transaction with Renovatio is slated to close in H2 2024, subject to the necessary approvals. According to OMV Petrom, the new solar projects have already received access to the national power transmission grid.
“We are thrilled to continue and extend our partnership with OMV Petrom, aiming towards energy transition and a sustainable economy based on innovation and environmentally friendly technologies,” noted Aurel Arion, CEO of Renovatio.
“The green energy to be produced by our portfolio projects is an essential step in view of a future aligned with global environmental objectives.”
Franck Neel, OMV Petrom member of the Executive Board, responsible for Gas and Power, added: “We are glad to have Renovatio by our side, they have extensive expertise in renewable energy projects. Partnerships are very important for accelerating the energy transition: by combining our strengths we create higher impact overall and contribute to the change for a cleaner environment.”
OMV’s latest deal follows the acquisition of a 50% stake earlier this year in Electrocentrale Borzesti, which owns renewable projects with a capacity of approximately 1 GW.
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Exciting times for the team at Equinor! 👏