OMV Petrom Acquires 50% of Electrocentrale Borzesti and the entire stake of Renovatio Asset Management

OMV Petrom will acquire from RNV Infrastructure a 50% stake in the shares of Electrocentrale Borzeşti, which owns projects from renewable sources with a capacity of approximately 1 GW, of which 950 MW wind and 50 MW photovoltaic.

According to a press release from OMV Petrom, the projects will be developed, built and operated in partnership with RNV Infrastructure. Furthermore, OMV Petrom will fully acquire Renovatio Asset Management, the owner of the largest charging network for electric vehicles in Romania, with over 400 charging points locally, with prospects for growth to approximately 650 by 2026.

Through this newly formed partnership, OMV Petrom, together with Renovatio, plans to invest, until 2027, about 1.3 billion euros, including bank financing, in renewable sources in Romania. “We are delighted with the partnership with Renovatio. With these transactions, we are making significant progress towards building a strong and diversified portfolio of renewable projects. Our ambition is to maintain our leading position in the field of energy in South-Eastern Europe, while transforming the business for a future with low carbon emissions“, said Christina Verchere, general director of OMV Petrom.

OMV Petrom’s contribution to the acquisition and construction of these projects is estimated at up to 350 million euros, and the completion of the transactions is forecast to take place in the first part of 2024, after the fulfillment of certain conditions.

“Since its inception, Renovatio has aimed for a cleaner future and efficiently used resources. We are excited to enter into partnership with OMV Petrom to build approximately 1 GW in projects that will deliver green energy to Romania and to continue sustainable development of electric mobility services. We are confident that together, by combining our strengths and values, we will contribute to achieving the objectives of the European Green Pact, as well as a healthier environment for the industry and the community”, said Aurel Arion, for his part , general manager of Renovatio.

By acquiring 50% of the largest portfolio of wind projects in Romania, OMV Petrom completes the existing portfolio of 1 GW photovoltaic projects. The photovoltaic park and the four wind parks will be built in the north-eastern area of Romania.

According to current estimates, the photovoltaic park should supply electricity to the national energy system from the beginning of 2024, while the wind farms are estimated to gradually start production between 2025 – 2027. The projects have already been granted access to the national electricity transmission network, the release states.

Also, with the acquisition of 100% of the shares of Renovatio Asset Management, OMV Petrom will become the largest player in the field of electric mobility in Romania, adding more than 400 new charging points to the existing network.