OMV Petrom, CE Oltenia Partner for 450 MW Solar Project in Romania

• State-owned utility Complexul Energetic Oltenia (CE Oltenia) as well as the Romanian oil company OMV Petrom will build 450 MW solar parks in the country.
• According to OMV Petrom, a total amount of over EUR400 million (US$ 390 million) will be spent on the installation of four solar parks will virtually triple the mounted solar capacity in Romania. In December 2021, CE Oltenia chose the organisation to serve as the project's investor.
• The state-owned utility Complexul Energetic Oltenia (CE Oltenia) and the Romanian oil company OMV Petrom will certainly construct 450 MW of solar PV in the nation.

According to OMV Petrom, an overall of over EUR400 million (US$ 390 million) will be invested in the installation of four solar parks- nearly triple the set up solar capacity in Romania. In December 2021, CE Oltenia chose the organisation to serve as the project's capitalist.

The announcement mentions that by 2024, the solar projects with OMV Petrom are anticipated to be completed in Işalnița, Tismana, Roşia, and also Rovinari. Both partners assured to buy the electricity.

OMV Petrom intends to reach 1 GW of solar energy capacity by 2030, including with partnerships. OMV of Austria has 51% of the subsidiary, and the Ministry of Energy of Romania keeps the remaining 20.6%.

The Modernization Fund of the European Union, which was developed to help 10 eastern participant nations in achieving their 2030 renewable resource commitments, will provide practically 70% of the funding for the 450MW solar PV parks.

The biggest generator of coal-based energy in Romania, CE Oltenia, will run the solar plants on old mine sites in Transylvania (three of the projects) and also Oltenia. Business prepare for that the solar PV projects will certainly start supplying electricity in 2024.

"Our objective is to put in function greater than 1 GW of renewable producing capacity by 2030, consisting of with partnerships," stated Franck Neel, member of the OMV Petrom executive board and also in charge of gas as well as power.

Although Energy Minister Virgil Popescu has specified that the present energy dilemma might delay the deadlines, Romania had meant to rebuild CE Oltenia by 2026 and replace its obsolete capacity with solar electricity and gas.

Recently, German company WPD established 2 offshore wind farms in the Black Sea off the Romanian coast. The overall recommended capacity of the projects is 1.9 GW.