Integrated energy producer OMV Petrom said on Monday, September 30, that it closed the acquisition of several photovoltaic (PV) projects from the Danish company Jantzen Renewables ApS. The ready-to-build projects, with an installed power of around 710 MW, are to be developed in Teleorman county, Romania. 

The projects have already been granted access to the national power transmission grid. According to current estimates, they should start to supply power to the national power grid in the second half of 2026.

The estimated production for 25 years of operation is over 20,000 GWh, meaning that the annual output would be enough to supply the equivalent of roughly 70% of the annual household consumption of Bucharest, the company said. 

Franck Neel, member of the OMV Petrom Executive Board, responsible for Gas and Power, commented: "This acquisition marks a key step forward in OMV Petrom's firm commitment to develop a portfolio of around 2.5 GW of installed renewable energy capacity by 2030, capitalizing on strategic partnerships. […] Our next step is to identify the right partners with whom to build these projects." 

The transaction was approved by the Commission for the Examination of Foreign Direct Investments.

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual group hydrocarbon production of approximately 41 million boe in 2023. The group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. It is present in the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom. 

As of end-2023, Romanian shareholders hold over 43% of the shares of OMV Petrom, of which the Romanian state, through the Ministry of Energy, has 20.7%. OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% is held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.

Established in 2020, Jantzen Renewables is a spinout from the project development company Jantzen Development. Currently, the company is developing a 2+ GW pipeline of renewable energy assets across Romania. 

irina.marica@romania-insider.com

(Photo source: OMV Petrom)