OMV Petrom signs largest acquisition of green projects in Romania

Alina Oprea

3 January, 2024 at 10:50 AM

OMV Petrom will acquire a 50% stake in Electrocentrale Borzesti from RNV Infrastructure. Electrocentrale Borzesti holds approximately 1 GW capacity of renewable projects, out of which 950 MW wind and 50 MW 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 to approximately 650 by 2026.

Through this newly formed partnership, OMV Petrom together with Renovatio plan to invest by 2027 approximately €1.3 billion, 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.

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

“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”, says Christina Verchere, CEO of OMV Petrom.

By acquiring 50% of the largest portfolio of wind power in Romania, OMV Petrom The four wind parks and the photovoltaic park will be built in the Northeastern part of Romania. According to current estimates, the park is expected to supply electricity to the national energy system starting in 2024, while the wind parks are expected to gradually start production, between 2025 - 2027. The projects have already been granted access to the electricity network.

“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. 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”, says Aurel Arion, CEO of Renovatio.

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 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 decarbonization of transport in Romania and the region.

OMV Petrom is the largest contributor to the state budget, with approximately €39 billion in taxes and dividends paid between 2005 and 2022. During the same period, the company invested approximately €17 billion. In 2022, the taxes paid by OMV Petrom ensured 7% of Romania's tax revenues.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2022, the company has allocated around €120 million to develop communities in Romania, focusing on environmental protection, education, health, and local development.