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OMV Petrom Expands Renewable Energy Portfolio in Romania


OMV Petrom, the Romanian petroleum refineries company majority-owned by Austria’s OMV, has announced its plans to bolster its presence in the renewable energy sector in Romania. The company will acquire a 50% stake in Electrocentrale Borzesti, a subsidiary of RNV Infrastructure. This subsidiary holds a portfolio of renewable energy projects with a combined generation capacity of approximately 1 gigawatt. OMV Petrom intends to collaborate with RNV Infrastructure to further develop and operate these projects. The financial terms of the deal have not been disclosed.

In addition to this acquisition, OMV Petrom will also fully acquire Renovatio Asset Management, a Romanian company that owns an electric-vehicle charging network. This move aligns with OMV Petrom’s commitment to the electric mobility sector and the growing demand for EV charging infrastructure.

OMV Petrom and Renovatio Asset Management have set a shared investment target of 1.3 billion euros ($1.42 billion) by 2027 for various renewable energy ventures in Romania. The investments will be split equally between the two companies.

Both transactions are expected to be completed in the first half of 2024.

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