The transactions are expected to be completed in 2024. Credit: Fahroni/Shutterstock.com.

Romanian oil and gas company OMV Petrom has agreed to acquire a 50% stake in Electrocentrale Borzesti from RNV Infrastructure. 

Electrocentrale Borzesti’s portfolio totals 1GW of renewable energy projects: 950MW of wind and 50MW of photovoltaic projects. 

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These projects will now be further developed, constructed and operated in partnership with RNV Infrastructure. 

OMV has also agreed to fully acquire Renovatio Asset Management, which owns one of the foremost electric vehicle (EV) charging networks in Romania.  

The acquisition will add 400 EV charging points to OMV Petrom’s network, with plans to expand to 650 by 2026.  

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In its partnership with Renovatio, OMV will channel €1.3bn ($1.42bn), which includes project financing, into Romanian renewables by 2027.  

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It will also contribute €350m for acquiring and constructing those projects.  

The acquisition of Renovatio and the stake in Electrocentrale Borzesti will both be finalised during the first half of 2024.

OMV Petrom CEO Christina Verchere stated: “We welcome the partnership with Renovatio. With these transactions, we progress significantly towards building a strong and diversified portfolio of renewable projects.  

“Our ambition is to maintain our leadership position in the energy field in south-eastern Europe while transforming the business for a lower-carbon future.” 

Renovatio CEO Aurel Arion stated: “Starting on day one, Renovatio aimed towards a cleaner future and efficiently used resources. We are thrilled to partner with OMV Petrom for building projects of approximately 1GW that will deliver green energy in Romania, along with continuing the sustainable development of electric mobility services.  

“We strongly believe that together, by combining our strengths and values, we will contribute to achieving the objectives of the European Green Deal, as well as a healthier environment for the industry and the community.”