Romanian energy company OMV Petrom announced today (3 January) that it will acquire a 50 per cent stake from RNV Infrastructure in Electrocentrale Borzesti, which holds approximately 1 gigawatt (GW) capacity of renewable projects, out of which 950 megawatts (MW) wind and 50 MW photovoltaic.
The projects are set to be further developed, built and operated in partnership with RNV Infrastructure, OMV Petrom informed in a press release. This includes a photovoltaic park and four wind parks, which are to be built in northeastern Romania and commissioned in 2024 and between 2026-2027, respectively.
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 this network to approximately 650 by 2026.
“We welcome the partnership with Renovatio. With these transactions we 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,” said Christina Verchere, CEO of OMV Petrom.
Through this newly formed partnership, OMV Petrom and Renovatio plan to invest around 1.3 billion euros by 2027, including project financing in renewables in Romania. OMV Petrom’s contribution to the acquisition and construction of these projects is estimated to be up to 350 million euros.
“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 1 GW that will deliver green energy in Romania, along with continuing the sustainable development of electric mobility services, said Aurel Arion, CEO of Renovatio. “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.”
With the acquisition of Renovatio Asset Management, OMV Petrom will become the largest company in e-mobility in Romania, adding more than 400 charging points to the existing network. As of the end of 2023, OMV Petrom regional network had approximately 270 charging points installed, including through partnerships.
The transactions are expected to be finalised in the first half of 2024, following the fulfilment of certain conditions.
