France-based oil and gas major company TotalEnergies has acquired 208 MW of solar PV projects in Romania from PNE, a solar and wind project developer. PNE will remain responsible for further project development until the ready-to-build stage is achieved.
The transaction details were not disclosed.
Markus Lesser, CEO of PNE AG, said: “We are delighted that TotalEnergies trusts in our proven expertise in the solar photovoltaic domain. This agreement confirms that PNE’s ‘Scale Up 2.0’ strategy is appealing in the industry. By delivering ready-to-build projects, PNE extends its resilient business model while enhancing company value.”
“The acquisition of these five solar projects in Romania is a perfect illustration of TotalEnergies’ commitment to developing its renewable energy activities in the country, and more broadly in Eastern Europe, in support of the Green Deal,” said Marin de Montbel, VP Renewable Explorer – New Markets. “The development of these projects allows us to deploy the Company’s expertise in solar power generation and strengthens our presence in Eastern Europe by acquiring a portfolio of solar projects in Poland with a total capacity of 200 MW. We’re proud to become a partner of choice to support Romania in diversifying and decarbonizing its energy mix from renewable energy.”
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. OMV Petrom, an oil and gas company, recently signed an agreement to acquire 710 MW of solar projects in Romania from Danish developer Jantzen Renewables.