Independent power producer (IPP) Enery Development has formed a 50-50 joint venture (JV) with Romanian oil and gas producer OMV Petrom to build a 400MW solar PV plant in Bulgaria.
The Gabare solar PV project will be located in the northwest of Bulgaria and will be built to allow the potential co-location of a battery energy storage system (BESS) of up to 600MWh.
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A final investment decision for the project is expected by the end of this year, with commercial operations targeted in 2027. The newly-formed JV aims to invest nearly €200 million (US$232 million) in the project, including its own equity and external financing.
Moreover, as part of the partnership, OMV Petrom will enter into a ten-year power purchase agreement (PPA) for half of the electricity produced by the Gabare PV plant.
Enery CEO Richard König, chief development officer Armanc Ekinci and vice president of mergers and acquisitions Tamas Jakab said in a joint statement: “This joint venture is a strong testament to Enery’s ability to structure innovative partnerships that deliver both scale and certainty, as well as Enery Element’s development capability in the region.
“By securing a 50% long-term PPA with OMV Petrom as part of the investment framework, we are not only ensuring long-term revenue stability for the project, but also setting a benchmark for how industrial players can actively participate in the energy transition in the region.”
The Romanian oil and gas company has been diversifying its portfolio in the past few years with several solar PV deals in its home country, either through the acquisition of solar PV portfolios or by forming a JV to build solar PV in Romania, similar to the one made with Enery. Last year, OMV Petrom acquired a 710MW solar PV portfolio from Danish developer Jantzen Renewables, which is expected to be operational in the second half of 2026.
