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Financing contracts signed for four photovoltaic parks to be developed by OMV Petrom and CE Oltenia

  • OMV Petrom and Complexul Energetic (CE) Oltenia will build four photovoltaic parks with a cumulated capacity of ~450 MW

OMV Petrom, the largest integrated energy company in Southeast Europe, announces the signing of the financing contracts to construct four photovoltaic parks with a cumulated capacity of ~450 MW. The financing contracts have been signed by the Ministry of Energy, as contracting authority, and by the representatives of the four legal entities, beneficiaries of this financing and responsible for implementing the projects. Within these entities, OMV Petrom and CE Oltenia are equal partners, each with a participation of 50%.

Franck Neel, member of the OMV Petrom Executive Board, responsible for Gas and Power: “With the signing of the financing contracts we took another big step, which will allow the team to focus on the construction phase of the four photovoltaic parks. OMV Petrom’s goal is to become an important player in renewable energy and supplier of green electricity for our customers, by installing production capacities, including via partnerships, by 2030.”

In December 2021, OMV Petrom was designated as the selected investor for these projects, at the end of a selection procedure organized by CE Oltenia. The total investments needed for the development of the four photovoltaic parks amount to more than EUR 400 mn, 70% being financed through the Modernization Fund.

In the next period, the tender documents will be released in order to contract the engineering services, the construction and commissioning of the photovoltaic parks. The execution works will start after the winner of this tender will be designated.

According to current estimates, the PV parks should supply electricity to the national energy system in 2025.

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.