OMV Petrom, an integrated energy producer in Southeastern Europe, acquired a 50% stake in Dunav Solar Plant EOOD, which is developing the Gabare solar project with an installed capacity of approximately 400 MW. The company acquired the stake from Enery Element, a renewable energy project developer.
The solar project is located in Byala Slatina, near Sofia, Bulgaria. It has the option to add a battery energy storage system with a capacity of up to 600 MWh in the future. Commercial operation of the Gabare solar project is expected in 2027.
The transaction is expected to close in the second half of 2025, following the fulfillment of certain conditions. Construction permits and the grid connection have already been obtained for the project. Additionally, the final investment decision is scheduled to be made by the end of 2025.
OMV Petrom and Enery plan to invest approximately €200 million (~$230.32 million) through this partnership, including external financing.
“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”, said Richard König, Chief Executive Officer of Enery.
According to Mercom’s Q1 2025 Solar Funding and M&A report, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
Recently, Nexwell Power, a Nexwell Group institutional-grade platform focused on accelerating the energy transition, announced the acquisition of a 248 MW solar project portfolio from Q ENERGY, a renewable energy company headquartered in Berlin and an affiliate of the Hanwha Group.
