DRI, OMV Petrom Seal Major Solar Power Agreement

• DRI partners with OMV Petrom for Romania's largest solar PPA, boosting renewable energy with 100GWh annually from 2026. A bright step toward a sustainable future!

DRI, the EU renewables division of Ukrainian energy firm DTEK, has signed Romania's largest solar power purchase agreement (PPA) with OMV Petrom S.A., the region's leading energy producer. The agreement spans 8.5 years and entails the sale of 100GWh annually at a fixed rate, commencing January 2026. OMV Petrom will acquire 62% of the output from DRI's Glodeni 1 and Glodeni 2 solar plants, which have a combined capacity of 113MWp.

Starting January 2027, OMV Petrom will also secure 50% of energy from DRI’s upcoming Vacaresti solar project, set for construction in 2025 with a capacity of 126MWp. DRI’s CEO John Stuart emphasized the importance of long-term agreements for advancing renewable energy in Romania, noting that the company aims to achieve 1GW of renewable energy and battery storage capacity in the country by 2030. DRI’s current Romanian portfolio includes 299MW, marking a significant contribution to the country’s energy transition.

What impact will DTEK's solar PPA have on Romania's renewable energy landscape?

The recent solar power purchase agreement (PPA) signed by DTEK's DRI and OMV Petrom represents a significant development in Romania's renewable energy landscape. Here are some key impacts and implications of this agreement:

• Increased Renewable Capacity: The PPA will bolster Romania's renewable energy capacity with an additional 113MWp from Glodeni solar plants and 126MWp from the upcoming Vacaresti project, contributing to the country's goals for green energy.
• Long-term Stability for Investments: The 8.5-year contract provides a stable framework for both DTEK and OMV Petrom, encouraging further investment in renewable projects by reducing financial risks associated with market volatility.
• Promotion of Solar Energy: As one of the largest solar PPAs in Romania, this agreement may encourage other businesses to explore solar energy, leading to a potential surge in solar investments and projects in the region.
• Support for Energy Transition Goals: DTEK's commitment to reach 1GW of renewable energy capacity by 2030 aligns with Romania's broader energy transition targets, aiming for a greener and more sustainable energy system.
• Corporate Sustainability Initiatives: The agreement illustrates a shift towards corporate sustainability as companies like OMV Petrom seek to reduce their carbon footprint and meet increasing regulatory and stakeholder demands for renewable energy usage.
• Enhancement of Energy Security: By increasing the share of solar energy in the energy mix, Romania can enhance its energy security, reduce dependence on fossil fuels, and contribute to achieving climate goals.
• Regional Leadership in Renewable Energy: This PPA positions Romania as a leader in renewable energy within Southeast Europe, potentially attracting foreign investment and establishing the country as a hub for renewable technology and innovation.
• Market Dynamics and Pricing Effects: The fixed-rate structure of the PPA may influence energy pricing in the Romanian market, promoting competitive pricing for renewable energy in comparison to traditional energy sources.
• Job Creation and Economic Growth: The development of solar projects linked to this agreement will likely create jobs in construction, maintenance, and operation, contributing to local economic growth and job creation in Romania's renewable sector.
• Encouragement of Policy Frameworks: This agreement may prompt the Romanian government to strengthen its renewable energy policies and incentives, creating a more favorable environment for future renewable energy developments.
• Public Awareness and Engagement: The visibility of such a significant agreement can raise public awareness about renewable energy and sustainability issues, promoting community engagement and support for future projects.