Romania's OMV Petrom takes over 50% in 400MW PV project in Bulgaria

OMV Petrom (BVB: SNP), the largest integrated energy producer in Southeastern Europe, has completed the acquisition of a 50% stake in the Gabare photovoltaic project, developed by Enery in Bulgaria, the company announced.

The project has an estimated capacity of 400 MW, with an annual electricity production of approximately 0.6 TWh, making it one of the largest photovoltaic projects in Bulgaria.

In addition, the partners are considering the development of a battery energy storage system, with a capacity of up to 600 MWh, to support the flexibility and stability of the grid.

Through this partnership, OMV Petrom intends to invest together with Enery approximately EUR 200 million by 2027, including through external financing.

The final investment decision is planned to be made in Q1/2026, and the start of commercial operations is estimated for 2027.

Announced in June 2025, the transaction marks an important step in the company's regional expansion and in consolidating its renewable energy portfolio, OMV Petrom representatives write in a report published on the Bucharest Stock Exchange.

As part of the investment framework, OMV Petrom and the project company will sign a long-term PPA, under which OMV Petrom will purchase 50% of the future production of the solar park.

(Photo source: Omvpetrom.com)