Sunday, July 14, 2024
HomeRenewablesFinancing contracts signed for 4 photovoltaic parks to be developed by OMV...
Powered by

Financing contracts signed for 4 photovoltaic parks to be developed by OMV Petrom and CE Oltenia

OMV Petrom, the largest integrated energy company in Southeast Europe, announced the signing of the financing contracts to construct four photovoltaic parks with a cumulated capacity of approximately 450 megawatts (MW).

The financing contracts have been signed by the Ministry of Energy, as contracting authority and by the representatives of the four legal entities, beneficiaries of this financing and responsible for implementing the projects. Within these entities, OMV Petrom and CE Oltenia are equal partners, each with a participation of 50 per cent.

“With the signing of the financing contracts we took another big step, which will allow the team to focus on the construction phase of the four photovoltaic parks,” said Franck Neel, member of the OMV Petrom Executive Board, responsible for Gas and Power. “OMV Petrom’s goal is to become an important player in renewable energy and supplier of green electricity for our customers, by installing production capacities, including via partnerships, by 2030.”

In December 2021, OMV Petrom was designated as the selected investor for these projects, at the end of a selection procedure organized by CE Oltenia. The total investments needed for the development of the four photovoltaic parks amount to more than 400 million euros, 70 per cent being financed through the Modernisation Fund.

In the next period, the tender documents will be released in order to contract the engineering services, the construction and commissioning of the photovoltaic parks. The execution works will start after the winner of this tender will be designated.

According to current estimates, the PV parks should supply electricity to the national energy system in 2025.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular