OMV Petrom has acquired a 710MW PV portfolio from Jantzen Renewables to expand its renewable energy capacity in Romania. The PV portfolio will be developed in Teleorman County — chosen for its high solar yield — and is in a ready-to-build stage.
Expanding Renewable Energy Assets
OMV Petrom — a Romanian oil and gas producer — has taken a significant step toward expanding its renewable energy assets. The company has successfully acquired a 710MW PV portfolio from Danish developer Jantzen Renewables.
This acquisition is part of OMV Petrom’s broader strategy to increase its renewable energy capacity in Romania and marks a major milestone in the company’s energy transition efforts. The newly acquired PV portfolio will be developed in Teleorman County, located in the southern part of Romania.
According to OMV Petrom, the region was chosen for its high solar yield, which is critical for maximizing energy production from solar projects. The portfolio is described as being in a “ready-to-build” stage — meaning that the necessary preparations and approvals have been completed, and construction can soon begin.
PV Portfolio: Significance and Benefits
The transaction was first announced in June 2023, and the projects have already been granted grid access. This is a crucial step in ensuring that the energy generated by the solar farms can be integrated into Romania's national electricity grid. The PV portfolio is expected to be fully operational by the second half of 2026.
Franck Neel, a member of the OMV Petrom Executive Board, highlighted the importance of this acquisition. He stated, “This acquisition marks a key step forward in OMV Petrom’s firm commitment to develop a portfolio of around 2.5GW of installed renewable energy capacity by 2030, capitalizing on strategic partnerships.”
OMV Petrom’s investment in this 710MW PV portfolio is a significant part of its goal to achieve 2.5GW of installed renewable energy capacity by the end of the decade. The focus on solar energy aligns with the global shift toward cleaner energy sources, as companies and governments work to reduce their carbon footprints and combat climate change.
Simtel and Monsson Partner for 150MW PV and Energy Storage Project
In related developments, Romania’s renewable energy sector is witnessing increased activity. Simtel — an engineering and technology company — has entered into a strategic partnership with Monsson, a leading renewables developer. Together, they plan to develop, construct, and sell a 150MW PV and hybrid energy portfolio in Romania.
The partnership also aims to establish energy storage facilities with a total capacity of 120MWh. Energy storage is essential for stabilizing the energy supply from renewable sources, as it allows excess energy generated during sunny periods to be stored for use during times when solar production is lower. This will ensure a more reliable energy supply and improve grid stability.
The financing for this project will come from multiple sources, including the companies' financial resources, bank loans, green bonds, and European Union funding. This diversified financing approach is essential for ensuring the project's success and mitigating financial risks.
Ana Nedea, director of strategy and business development at Simtel, commented on the partnership’s significance. She said, “This partnership complements the strategy we have defined for the 2025–2030 period, during which we are committed to implementing 500MWp of green energy production capacity and expanding energy storage infrastructure by 300MWh.”
Romania’s Growing Solar PV Sector
Interest in solar PV in Romania has been growing rapidly. According to the trade association SolarPower Europe, the country is expected to add 8.7GW of solar capacity between 2024 and 2027. This surge in solar energy development is part of Romania's broader strategy to diversify its energy sources and reduce its reliance on fossil fuels.
To further support this growth, Romania’s Ministry of Energy has recently approved a Contracts for Difference (CfD) scheme aimed at attracting 2.5GW of solar PV between 2024 and 2025. The CfD scheme is a government-backed initiative designed to provide long-term price stability for renewable energy projects, making them more attractive to investors.
The first round of CfD — which will seek 500MW of solar PV — is expected to be launched later this year, with a second round planned for 2025 that will tender an additional 2GW of solar PV.
OMV Petrom’s acquisition of the 710MW PV portfolio boosts Romania's renewable energy transition, with projects expected online by 2026. The Simtel and Monsson partnership further supports the country's focus on solar PV and energy storage.