OMV Petrom (BVB: SNP), the largest integrated energy producer in South-Eastern Europe, announced it has entered into a partnership with renewable energy company Enery to jointly develop a 400 MW photovoltaic project in Byala Slatina, near Sofia, Bulgaria. The project is estimated to cost EUR 200 million, the company confirmed on June 24.

As part of the investment framework, OMV Petrom will acquire 50% of the electricity generated by the plant through a power purchasing agreement.

The development of a battery-based energy storage system with a capacity of up to 600 MWh is also being considered.

Under the agreement, OMV Petrom has acquired 50% of the shares in Dunav Solar Plant EOOD from Enery Element. The company is responsible for the development of the Gabare photovoltaic project, which has an installed capacity of approximately 400 MW. 

The transaction is expected to close in the second half of 2025, subject to the fulfilment of certain conditions. 

The construction permits and grid connection for the solar plant have already been obtained, with the final investment decision planned by the end of 2025. Commercial operations are expected to begin in 2027.

OMV Petrom has been expanding its renewable energy portfolio as part of its 2030 strategy, which includes a significant shift towards low- and zero-carbon energy sources. Enery operates a range of renewable energy assets across Central and Eastern Europe.

The project marks one of the largest photovoltaic developments currently planned in Bulgaria and contributes to regional decarbonisation and energy transition efforts.

iulian@romania-insider.com

(Photo source: Brandportal.omvpetrom.com)