This year we will focus on storage, said Franck Neel, member of the Executive Board responsible for the Gas and Energy business at OMV Petrom. The company presented its financial results for 2024 and the series of acquisitions that has turned it into a key player also in the renewables sector. Responding to a question from Energynomics, Franck Neel emphasised that over the past two years, “the company has made significant progress in developing its renewable energy portfolio”, with the previously announced goal of having over 1 GW of installed renewable energy capacity by 2030, together with partners.
The first major project already dates back to 2022: four photovoltaic parks with a total capacity of around 450 MW to be built together with Complexul Energetic Oltenia. In 2023, financing contracts have been signed for a total investment amounting to more than 400 million euros, of which about 70% covered by the Modernisation Fund. Franck Neel stated that the projects developed in partnership with CE Oltenia continue according to plan. “I won’t comment on the Ministry of Energy’s stance regarding the postponement of decarbonization. What I can say is that the project is progressing. We are close to finalizing the EPC contract, and we have already notified ANAP about the winner of the procurement process. Construction is set to begin this year. We have four SPVs across four locations, all of which are secured. Even if the coal power plant remains operational, it will no longer be using this land”, said Franck Neel.
OMV Petrom has more than 2 GW in renewable energy projects
OMV Petrom accelerated its expansion in the renewable energy sector with a series of major acquisitions finalised in the latter part of 2024. In September 2024, the company finalised the full acquisition of JR Constanța, JR Solar Teleorman and JR Teleorman, entities that own three ready-to-build PV projects with a total capacity of 710 MW. A day later, OMV Petrom acquired Intertrans Karla, Bridgeconstruct and ATS Energy S.A. from RNV Infrastructure, companies operating wind and hydroelectric power plants with a combined installed capacity of 18 MW. On 30 September, the company bought 50% of Electrocentrale Borzești, a holding company controlling five subsidiaries involved in the development of wind and solar energy projects with a total capacity of 1 GW.
In November 2024, OMV Petrom continued the acquisitions, becoming a 50% shareholder in Cil PV Plant, EnerintensSolar and Tenersolar Park These entities own photovoltaic projects with a total capacity of 130 MW, the acquisition being realised through the acquisition of 10% of the shares from RES Terranet Holding, followed by a capital increase. Thus, at the end of this acquisition process, the total installed capacity of the projects acquired by OMV Petrom in the second half of 2024 reached 1.858 GW, placing the company as a key player in the Romanian renewable energy sector.
There are no new significant acquisitions planned for 2025, said Alina Popa, Chief Financial Officer and Member of the Board of OMV Petrom. Most of the investment will go to the development of the Neptune Deep project.
OMV Petrom officials emphasised that energy storage is an essential element of the development strategy, especially for future renewable energy projects. Franck Neel spoke of “important announcements” from OMV Petrom in the coming period regarding energy storage projects.