OMV Petrom acquires 50% of the Gabare photovoltaic park

Romanian oil and gas company OMV Petrom, a subsidiary of Austrian energy giant OMV, has announced that it is acquiring a 50% stake in Bulgarian company Dunav Solar Plant EOOD, which is developing the Gabare photovoltaic park in Byala Slatina.

Until now, the sole owner was Enery Element GmbH, a joint venture between Austrian renewable energy company Enery Development and its Bulgarian partner Element Power Group EOOD.

The amount of the deal has not been disclosed.

The photovoltaic park is expected to enter commercial operation in 2027. Until then, OMV Petrom and Enery plan to invest around €200 million in it, including external financing.

According to official information, the construction permits and connection to the power grid for the solar project have already been obtained.

The Gabare park will have a capacity of approximately 400 MW and will feature solar tracking systems that move with the sun to optimize electricity production. The development of a battery energy storage system with a capacity of up to 600 MWh is also being considered.

Once operational, it will generate enough electricity to cover the annual consumption of around 150,000 Bulgarian households.

The deal is expected to be finalized in the second half of 2025, subject to certain conditions being met.

In April, OMV Petrom announced that it had approved an investment budget of €1.6 billion for 2025, which is more than 20% higher than last year – a signal of the company's intentions to expand.

The company's Romanian subsidiary already has a strong position in the region's electricity market. In recent years, it has made key acquisitions – a 50% stake in Romania's Electrocentrale Borzesti and 100% of Renovatio Asset Management, owner of Romania's leading electric vehicle charging network with more than 400 points.

All this is in line with the Austrian parent company's ambitions to expand its presence in the solar and wind energy market in Southeast Europe. OMV sees countries such as Romania, Serbia, Bulgaria, and Hungary as locations with great growth potential.

Translated with DeepL.