(BRIEF) OMV Petrom, the largest electricity company in Southeast Europe, will acquire a 50% stake in Electrocentrale Borzesti, which owns 1 GW of renewable allocation capacity, adding 950 MW of wind power and 50 MW of photovoltaic, in partnership with Infraestructuras RNV. In addition, OMV Petrom will fully acquire Renovatio Asset Management, owner of Romania’s first EV charging network with more than 400 charging points, with plans to expand to around 650 by 2026. This strategic partnership and acquisitions will result in an investment of approximately €1. 3 billion in renewable energy in Romania through 2027, reinforcing OMV Petrom’s commitment to a long-term low-carbon and sustainable energy progression in the region. The transactions are expected to close in the first part of 2024.
(PRESS RELEASE) VIENNA, 4-Jan-2024 — /EuropaWire/ — OMV Petrom, the largest integrated energy company in Southeast Europe, 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.
In addition, OMV Petrom will fully acquire Renovatio Asset Management, owner of Romania’s leading EV charging network, with more than 400 EV charging issues in Romania and plans to increase this number to around 650 by 2026.
Through this new partnership, OMV Petrom and Renovatio plan to invest around €1. 3 billion, including allocation financing, in renewable energy in Romania until 2027. OMV Petrom’s contribution to the acquisition and progression of these allocations is estimated at €350 million.
The transactions are expected to close in the first part of 2024, subject to the satisfaction of certain conditions.
Christina Verchère, CEO of OMV Petrom: “We are very happy with the partnership with Renovatio. Through these transactions, we are making significant progress towards building a strong and diversified portfolio of renewable projects. Our ambition is our leading position in the energy sector. in Southeast Europe, while transforming the company for a low-carbon future.
Aurel Arion, CEO of Renovatio: “From day one, Renovatio aimed for a cleaner timeline and efficient use of resources. We are excited to partner with OMV Petrom to build projects of more than 1 GW that will supply green energy in Romania, while advancing the sustainable progress of e-mobility services. We are convinced that together, by combining our strengths and values, we will contribute to achieving the objectives of the European Green Deal, as well as creating a healthier environment for industry and the community.
By acquiring 50% of Romania’s largest wind energy portfolio, OMV Petrom will build four wind farms and one photovoltaic park in northeastern Romania. According to existing estimates, the wind farm is expected to contribute electrical power to the 2024 national energy formula, while the wind farms are expected to come into production between 2025 and 2027. The projects have already gained access to the electric power grid.
With the acquisition of one hundred percent of the shares of Renovatio Asset Management, OMV Petrom will become the largest electric mobility player in Romania, adding more than 400 charging points to the existing network. By the end of 2023, OMV Petrom’s regional network had around 270 charging stations installed, partly through partnerships. The progression of the electric mobility network adds to the company’s efforts to contribute to the decarbonization of maritime transport in Romania and the region.
About Renovatio
Renovatio is an infrastructure asset owner, manager and development group of companies focused on the renewable energy sector.
Operating for more than 20 years across the price chain and lifecycle of renewable energy allocations, Renovatio has developed end-to-end expertise in the progression, engineering, acquisition and operational control of wind and PV assets, and has a strong track record of successful allocation progression. (3,000 MW of wind power and 800 MW of PV allocations) in Romania and other emerging markets.
Renovatio is the first to expand and owns the largest network of charging stations for electric cars in Romania.
About OMV Petrom
OMV Petrom is the largest incorporated energy company in Southeast Europe, with the Group’s annual hydrocarbon production of approximately 43 million boe in 2022. The Group has a refining capacity of 4. 5 million tonnes per year and a high-efficiency power plant of 860 MW. The group supplies the retail market for petroleum products in Romania and neighbouring countries through around 780 petrol stations of two brands: OMV and Petrom.
OMV Petrom is a company in which Romanian shareholders hold over 42% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 21.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.
OMV Petrom is the largest contributor to the state budget, with around €39 billion in taxes and dividends paid between 2005 and 2022. During the same period, the company invested around €17 billion. In 2022, taxes paid through OMV Petrom accounted for 7% of Romania’s tax revenue.
Since 2007, OMV Petrom has incorporated the principles of corporate duty into its business strategy. Between 2007 and 2022, the company allocated around €120 million to the growth of the network in Romania, with an allocation for environmental protection, education, fitness and local growth.
On July 29, 2020, OMV Petrom announced its adherence to the recommendations issued through the Working Group on Climate-related Financial Disclosures (TCFD) related to the hazards and opportunities related to climate change. OMV Petrom reports annually on the progress made in the implementation of these recommendations.
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SOURCE: OMV Aktiengesellschaft
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