OMV Petrom, in partnership with Complexul Energetic Oltenia (CE Oltenia,) will develop four photovoltaic (PV) parks with a total power capacity of around 450MW in Romania.
Following a selection procedure organised by CE Oltenia, OMV Petrom was chosen as investor for these projects last December.
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The total investments needed to develop the four PV parks amount to over € 400m, with around 70% being financed via the Modernization Fund.
OMV Petrom executive board member Franck Neel said: “Our goal is to put in function more than 1 GW of renewable power capacity by 2030, including through partnerships. We made significant steps towards this objective through the association with CE Oltenia and together we contribute to Romania’s energy transition.
“The installed capacity of the four photovoltaic parks will increase by a third the total national installed capacity of solar energy, which is currently around 1.4 GW.”
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CE Oltenia board president Daniel Burlan said: “CE Oltenia – the largest coal-based energy producer in Romania has to adapt its growth strategy to the new trends and requirements that aim at the decarbonization of the Romanian energy system by diversifying Romania’s energy mix and by replacing lignite-based units with natural gas power plants and renewable energy projects, in order to keep safe the national energy system (NES).
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By GlobalData“The implementation in partnership with OMV Petrom of the four photovoltaic parks represents an important objective for the company, both in terms of contribution to Romania’s energy transition, and for the implementation of the measures from the Restructuring Plan approved by the European Commission.”
The PV parks will be constructed at Ișalnița, Tismana, Roșia and Rovinari, on the sites of the previous mining operations run by CE Oltenia.
As per current estimates, the PV parks would deliver electricity to the national energy system commencing 2024.
This project will be built via four different legal entities, with a 50%- 50% equity interest structure.
The plan is to sell the generated electricity by these entities in equal shares to the two partners.
With the four parks commencing operation, Romania’s installed solar power capacity will grow by around 30%.
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Image: Over €400m will be invested four PV parks. Credit: Sebastian Ganso from Pixabay.
