Romanian OMV Petrom has bought a 710 MW solar energy project portfolio. It said all solar installations are all close to being ready for construction.
OMV Petrom, a majority-owned Romanian oil and gas supplier, has announced the acquisition of a 710 MW solar project portfolio from Danish developer Jantzen Renewables.
It did not disclose the financial terms of the deal. The deal is expected to close in the second quarter of next year, and all projects are located in the Teleorman County in southern Romania.
Franck Neel, OMV Petrom executive board member responsible for gas and electricity, said the acquisition is in line with OMV Petrom’s goal of achieving at least 1 GW of renewable energy capacity by 2030, including through partnerships.
OMV Petrom has already installed solar power systems on the roofs of 40 gas stations in Romania. It entered the renewable energy sector in 2010 by purchasing a wind farm.
Romania is currently developing a number of large-scale solar installations, including a 1,044 MW solar project recently acquired by UK independent power producer Rezolv Energy, which could become Europe’s largest solar power plant.