OMV Petrom to buy Renovatio Asset Management, 50% of Electrocentrale Borzesti

Electrocentrale Borzesti holds 950 MW of wind and 50 MW of photovoltaic projects, which will be further developed, built and operated in partnership with the other shareholder, RNV Infrastructure, OMV Petrom said in a press release.

By acquiring Renovatio Asset Management, OMV Petrom will own more than 400 already-built EV charging points in Romania, with plans to increase their number to approximately 650 by 2026, it added.

OMV Petrom and Renovatio plan to invest approximately 1.3 billion euro ($1.42 billion) in renewables in Romania by 2027, including project financing. OMV Petrom's participation will amount to up to 350 million euro.

Austria's OMV Aktiengesellschaft holds a 51.157% stake in OMV Petrom. The Romanian economy ministry owns 20.698% and 28.145% is free float on the Bucharest bourse and the London Stock Exchange.

Renovatio has been active for over twenty years and owns a portfolio of over 3,000 MW of wind and over 800 MW of PV projects in Romania and other emerging markets. It also owns the largest network of electric vehicle charging stations in Romania.

Shares in blue-chip OMV Petrom traded 0.35% higher at 0.5765 lei ($0.12/0.11 euro) by 0942 CET on Wednesday on the Bucharest bourse.

($=0.914 euro)