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OMV Petrom acquires 50% in three Renovatio PV projects

Jun 7, 2024, 10:59:12 AMArticle by Alexandru Cristea
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June 7 (SeeNews) - Romania’s top oil and gas group OMV Petrom [BSE:SNP] said on Friday that it has acquired a 50% stake in three photovoltaic (PV) projects by local renewables company Renovatio, with a total planned capacity of 130 MW.

OMV Petrom acquires 50% in three Renovatio PV projects
OMV Petrom solar panels Source: OMV Petrom

"The projects will be developed, built, and operated in partnership with Renovatio, OMV Petrom said in a press release. "Thus, the two partners will have a total joint installed capacity of over 1.1 GW by 2030."

OMV Petrom that this deal complements the one announced at the beginning of the year for the acquisition of a 50% stake in Electrocentrale Borzesti, which owns renewable projects with a capacity of around 1 GW.

The two transactions, whose values were not disclosed, will be completed in the second half of 2024, subject to the fulfilment of certain conditions. The projects involved in the two deals have already received access to the national power transmission grid, as per the statement.

Last week, OMV Petrom said that it completed the acquisition of Renovatio Asset Management, owner of Romania's largest electric vehicle charging network.

In April, OMV Petrom said it will test an innovative carbon capture and utilisation installation at its Petrobrazi refinery over a period of four months, starting this month. The company approved an all-time high investment budget of 8 billion lei ($1.74 billion/1.61 billion euro) for 2024.

OMV Petrom reported a 1.399 billion lei net profit for the first quarter of 2024, down 6% compared to the same period of last year.

Shares in blue-chip OMV Petrom traded flat at 0.725 lei as at 0908 CET on Friday on the Bucharest bourse.

(1 euro = 4.9763 lei)

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