OMV Petrom to buy 710 MW PV parks from Jantzen Renewables

The total installed capacity of the solar parks being developed by Jantzen Renewables will be around 710 MW, OMV Petrom said in a filing with the Bucharest Stock Exchange.

The transaction is expected to be completed in the second quarter of 2024, when the projects will reach the ready-to-build phase. The value of the investment was not disclosed.

Once completed, the parks will be one of Europe's most significant photovoltaic projects. The estimated production for 25 years of operations is 23,900 GWh, equivalent to the annual electricity consumption of some 280,000 Romanian households, said Christian Jantzen, co-founder and CEO of Jantzen Renewables.

"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," said Franck Neel, member of the OMV Petrom's executive board.

Austria's OMV Group owns a 51.157% stake in OMV Petrom; the Romanian state, via the energy ministry, owns 20.7%, and 28.145% is in free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom's shares traded 2.02% higher at 0.5050 lei ($0.11/0.10 euro) as of 1113 CET on Thursday on the Bucharest bourse.

($=0.916230 euro)