OMV Petrom and CE Oltenia sign financing contracts have been signed for four photovoltaic parks

OMV Petrom, the largest integrated energy company in Southeastern Europe, announces the signing of financing contracts for the development of four photovoltaic parks with a cumulative capacity of 450 MW. The financing contracts were signed by the Ministry of Energy, as contracting authority, and by the representatives of the four legal entities that are the beneficiaries of this financing and, at the same time, are responsible for the implementation of the projects. Within these entities, OMV Petrom and CE Oltenia are equal partners, each holding a 50% stake.

Franck Neel, member of OMV Petrom’s Executive Board responsible for Gas and Energy: “By signing the financing contracts, we have taken another important step, which will allow the project team to focus on the construction phase of the four photovoltaic parks. OMV Petrom’s goal is to become an important renewable energy producer and supplier of green electricity to our customers by 2030, installing production capacities, including through partnerships.”

In December 2021, OMV Petrom was designated as the selected investor for these projects, at the end of a selection procedure organized by CE Oltenia. The total investments needed for the development of the four photovoltaic parks amount to over EUR 400 million, 70% being financed through the Modernization Fund.

In the next period, the necessary tender documentation for contracting engineering, construction and commissioning services of photovoltaic parks will be launched. The start of works will start after the winner of this tender is designated.

According to current estimates, photovoltaic parks should provide electricity to the national system in 2025.