450MWp PV projects of OMV Petrom and CEO in Romania get Modernisation Fund financing

Romanian integrated energy company OMV Petrom (BVB: SNP) announced the signing of the financing contracts to construct four photovoltaic parks with a cumulated capacity of 450MW in a 50:50 partnership with energy Complex Oltenia (CEO) and with 70% financing under the Modernisation Fund.

The financing contracts have been signed by the Ministry of Energy as the 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%.

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 – a state-owned coal and power company transitioning towards a more sustainable production mix.

The total investments needed for the development of the four photovoltaic parks amount to more than EUR 400 million, 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 is designated.

According to current estimates, the PV parks should supply electricity to the national energy system in 2025.

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