OMV Petrom, CE Oltenia to develop 450 MW of Romanian solar parks

• Romanian oil and gas team OMV Petrom SA has actually joined hands with domestic lignite power manufacturer Complexul Energetic Oltenia (CE Oltenia) to develop 4 solar parks in their home nation totalling roughly 450 MW.

The overall investment in the campaign is estimated at greater than EUR 400 million (USD 392.5 m), OMV Petrom said in a bourse filing on Monday. Around 70% of the total called for amount will be funded via the European Union's Modernization Fund.

Both companies will establish the projects with 4 equally-owned project vehicles. The photovoltaic or pv (PV) parks are prepared to be mounted on former mining sites operated by CE Oltenia in Isalnita, Tismana, Rosia and Rovinari. They are scheduled to start feeding power into the grid in 2024. Each of OMV Petrom and CE Oltenia will take 50% of the power output.

CE Oltenia chose OMV Petrom as co-investor in the projects in December 2021. The scheme will be performed the assistance the coal-based energy manufacturer's objective to sustain the decarbonisation of Romania's energy system.

"Our goal is to put in function more than 1 GW of eco-friendly power capacity by 2030, consisting of via collaborations," said Franck Neel, member of OMV Petrom's executive board.

According to the partners, the new solar parks will certainly lift Romania's mounted solar energy capacity by 30% from the present 1.4 GW.