Estonia Solar Big

//BUCHAREST, July 14, 2023, 14:00 BST, OMV Petrom/ OMV Petrom, the largest integrated energy company in Southeast Europe, signed an agreement at the end of June 2023 for the purchase of several projects for the construction of photovoltaic parks in Teleorman County. The projects are being developed by the Danish developer Jantzen Renewables ApS. The completion of the transaction is estimated for the second quarter of the next year, when the projects will reach the "ready-to-build" phase. The installed power of these photovoltaic parks will be ~710 MW. The parks will be one of Southeast Europe's most significant photovoltaic projects, powering the equivalent consumption of ~280,000 Romanian households annually.

Franck Neel, member of the OMV Petrom Executive Board, responsible for the Gas and Power activity: „This purchase supports the achievement of OMV Petrom's strategic objective of having an installed renewables capacity of at least 1 GW by 2030, including through partnerships. In addition, it allows us to adequately respond to the ever-increasing demand for green energy, contributing at the same time to the strengthening of Romania's security of supply and energy resilience.”

Christian Jantzen, Co-founder & CEO of Jantzen Renewables: „The photovoltaic parks represent a great leap forward, and it further helps pave the way for a greener future for Romania. We are proud to develop one of Southeast Europe's most significant photovoltaic projects. We have a solid commitment to Romanian renewables; these photovoltaic parks and our strong pipeline bears witness hereof.”

The photovoltaic parks will be built in Teleorman County. The locations chosen for the PV parks have the potential for strong yields in terms of solar energy. Thus, the estimated production for 25 years of operations is 23,900 GWh, enough to power the equivalent of ~280,000 Romanian households annually consumption. The projects have already been granted access to the national electricity transmission network.

About OMV Petrom

OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 43 million boe in 2022. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom.

OMV Petrom is a company in which Romanian shareholders hold over 42% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 21.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with approximately 39 billion euro in taxes and dividends paid between 2005 and 2022. During the same period, the company invested approximately 17 billion euro. In 2022, the taxes paid by OMV Petrom ensured 7% of Romania's tax revenues.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2022, the company has allocated around 120 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations.

About Jantzen Renewables

Established in 2020, Jantzen Renewables is a spinout from the project development company Jantzen Development. With the core team having +15 years of experience and a track record in project development in Romania, Jantzen Renewables has quickly established itself as a significant player in the renewable energy ecosystem. Currently, the company is developing a +2GW pipeline of renewable energy assets across the country.

For more information about the solar power market in Romania, including full contact details of solar project owners and developers, you may read here: Romania Solar Photovoltaic (PV) Power Market Outlook 2023÷2032

To download the executive summary brochure with sample pages, please access from here: Romania Solar Photovoltaic (PV) Power Market Outlook 2023÷2032 - Sample

For a better understanding of the benefits of using our reports, you may read here: Benefit List - Reports of Renewable Market Watch - 2023

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