OMV Petrom acquires owner of Romania’s largest EV charging network, stake in wind power portfolio

Energy company OMV Petrom will acquire from RNV Infrastructure a 50% stake in Electrocentrale Borzesti, which 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, the company said.

Furthermore, OMV Petrom will fully acquire Renovatio Asset Management, the owner of the largest network of electric vehicle charging stations in Romania. Renovatio has more than 400 EV charging points in Romania and plans to increase its network to approximately 650 by 2026.

OMV Petrom and Renovatio plan to invest approximately EUR 1.3 billion in renewables in Romania by 2027, including project financing. OMV Petrom’s contribution to the acquisition and construction of these projects is estimated to be up to EUR 350 million.

The closing of the transactions is expected to take place in the first half of 2024, after fulfilment of certain conditions, the energy company announced.

By acquiring 50% of the largest portfolio of wind power in Romania, OMV Petrom is expanding an existing PV projects portfolio of 1 GW. The four wind parks and the photovoltaic park will be built in northeastern 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 begin production between 2025 and 2027. The projects have already been granted access to the electricity network.

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’s regional network had approximately 270 charging points installed, including through partnerships.

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