Oil and gas company OMV Petrom announced two takeovers, in the sectors of renewables and mobility. It will buy Renovatio Asset Management, operator of 400 electric vehicle charging points in Romania, and a 50% stake in Electrocentrale Borzesti, which has green energy projects with a total planned capacity of 1 GW.
OMV Petrom will buy the 50% stake in Electrocentrale Borzesti from RNV Infrastructure. Its green energy pipeline of 1 GW consists of 950 MW in wind power and 50 MW in photovoltaics.
The projects will be further developed, built and operated in partnership with RNV Infrastructure, OMV Petrom said.
It added it is the largest wind power portfolio as well as the largest acquisition of green projects in Romania. The four wind farms and a PV park will be built in northeastern Romania. According to current estimates, the solar power plant will start operation this year while the wind farms will come online gradually from 2025 to 2027.
OMV Petrom plans to invest approximately EUR 1.3 billion with Renovatio by 2027
As for the other acquisition, Renovatio Asset Management owns more than 400 e-chargers in Romania. It planned to increase the number to approximately 650 by 2026.
OMV Petrom plans to invest approximately EUR 1.3 billion in renewables in Romania with Renovatio through the newly formed partnership by 2027, including project financing. OMV Petrom revealed it would participate with up to EUR 350 million in the acquisition and construction of such projects.
With the acquisition of 100% shares in Renovatio Asset Management, the oil and gas company said it would become the largest player in e-mobility in Romania.
At the end of 2023, OMV Petrom had a regional network of 270 charging points installed, including through partnerships.
Verchere: Transforming the business for a lower carbon future
The takeovers are expected to close in the first half of 2024, after fulfillment of certain conditions, OMV Petrom added.
CEO Christina Verchere said the transactions mark significant progress towards building a strong and diversified portfolio of renewables 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,” she stated.
According to Aurel Arion, CEO of Renovatio, by combining their strengths and values, the two firms will contribute to achieving the objectives of the European Green Deal, as well as a healthier environment for the industry and the community.