OMV Petrom, an oil and gas company, has signed an agreement to acquire 710 MW of solar projects in Romania from Danish developer Jantzen Renewables. The parks will be one of Southeast Europe’s most significant photovoltaic projects, powering the equivalent consumption of ~280,000 Romanian households annually.

The photovoltaic parks will be built in Teleorman County. The locations chosen for the PV parks have the potential for strong yields in terms of solar energy. Thus, the estimated production for 25 years of operations is 23,900 GWh, enough to power the equivalent of ~280,000 Romanian households annually. The projects have already been granted access to the national electricity transmission network.

Franck Neel, member of the OMV Petrom Executive Board, responsible for the Gas and Power activity: “This purchase supports the achievement of OMV Petrom’s strategic objective of having an installed renewables capacity of at least 1 GW by 2030, including through partnerships. In addition, it allows us to adequately respond to the ever-increasing demand for green energy while simultaneously strengthening Romania’s security of supply and energy resilience.”

Christian Jantzen, Co-founder & CEO of Jantzen Renewables: “The photovoltaic parks represent a great leap forward, and it further helps pave the way for a greener future for Romania. We are proud to develop one of Southeast Europe’s most significant photovoltaic projects. We have a solid commitment to Romanian renewables; these photovoltaic parks and our strong pipeline bears witness hereof.”

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022. Matrix Renewables, the TPG Rise-backed renewable energy platform, recently announced the acquisition of 284 MW of late-stage development of the Stillhouse solar project in Texas from OCI Solar Power, a utility-scale solar project developer. Construction of the project is slated for 2024, with commercial operations commencing in 2025.