LONDON, UK: OMV Petrom, the largest integrated energy company in Southeast Europe, announced on Monday that it has signed the financing contracts to build four photovoltaic parks with a total capacity of around 450 MW in Romania.

The financing contracts have been signed by the Ministry of Energy, as the contracting authority, and by the representatives of the four legal entities that will implement the projects. These entities are joint ventures between OMV Petrom and CE Oltenia, a state-owned coal and power producer, each with a 50% stake.

The projects are part of CE Oltenia’s restructuring plan, which aims to reduce its carbon footprint and diversify its energy portfolio. The four photovoltaic parks will be located on former coal mines owned by CE Oltenia in Gorj and Dolj counties.

The total investments needed for the development of the four photovoltaic parks amount to more than EUR 400 million, 70% of which will be financed through the Modernization Fund, a mechanism established by the European Union to support the transition to a low-carbon economy.

In the next period, the tender documents will be released 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 selected.

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

Franck Neel, member of the OMV Petrom Executive Board, responsible for Gas and Power, said: “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.”

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