Financing Contracts for PV Parks Developed by OMV Petrom and CE Oltenia Signed

OMV Petrom, the largest integrated energy company in Southeast Europe, announces the signing of the financing contracts to construct four photovoltaic parks with a cumulated capacity of ~450 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%.

“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. 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,” Franck Neel, member of the OMV Petrom Executive Board, responsible for Gas and Power, said.

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 EUR 400mn, 70% being financed through the Modernization 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.

The company will put in function more than 1 GW of renewable power capacity in Romania by 2030. In the power business, investments in renewable power will lead to an increase in green power sales to more than 20% of total power sales by the end of the decade, as per OMV Petrom 2030 Strategy.