Romanian energy group OMV Petrom will acquire a 50% stake in Electrocentrale Borzesti, which holds approximately 1GW of renewable projects, from RNV Infrastructure.
The portfolio consists of 950MW of wind power capacity and 50MW of photovoltaic currently under development in north-east Romania.
Under the deal, the projects will be further developed, built and operated in partnership with RNV Infrastructure.
According to current estimates, the solar farm is expected to supply electricity to the national energy system starting 2024, while the wind farms are expected to gradually start production between 2025 and 2027. The projects have already been granted access to the electricity network.
Through this newly formed partnership, OMV Petrom together with Renovatio, plans to invest by 2027 approximately €1.3bn, including project financing, in renewables in Romania.
OMV Petrom’s contribution for the acquisition and construction of these projects is estimated to be up to €350m.
The closing of the transactions is expected to take place in the first half of 2024, after fulfilment of certain conditions.
OMV Petrom chief executive Christina Verchere said: “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.”