Romanian oil company OMV Petrom and state-owned utility Complexul Energetic Oltenia (CE Oltenia) will build 450MW of solar PV in Romania.
The total investment will be more than €400 million (US$390 million) for the construction of four solar parks, which once operational will increase Romania’s installed solar capacity by almost a third, according to OMV Petrom.
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The company was selected by the CE Oltenia as the investor for these projects back in December 2021.
About 70% of the financing for the 450MW solar PV parks will be financed through the European Union’s Modernisation Fund, aimed to support ten eastern member countries to meet their 2030 renewables targets.
The solar plants will be built on former mining sites operated by CE Oltenia – which is the largest coal-based energy producer in Romania – in the regions of Oltenia (three of the projects) and Transylvania.
The companies expect the solar PV plants to begin supplying electricity from 2024.
Franck Neel, member of the OMV Petrom executive board and responsible for gas and power, said: “Our goal is to put in function more than 1 GW of renewable power capacity by 2030, including through partnerships.”