OMV Petrom S.A. has acquired a 50 percent stake in the Gabare solar project from Enery Element, a large-scale project in Byala Slatina, near Sofia, Bulgaria.
The company said in a media release that it had acquired the shares Enery held in Dunav Solar Plant EOOD, the developer of the Gabare project.
The project has a design capacity of approximately 400 megawatts (MW) with an option to add a battery energy storage system. Once operational, the production of the photovoltaic (PV) park could cover the annual electricity consumption of approximately 150,000 Bulgarian households based on average consumption.
The transaction is expected to close in the second half of 2025, after the fulfillment of certain conditions, OMV Petrom said.
“By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence in this neighboring market and are supporting the region’s energy transition. We believe that natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability”, Franck Neel, OMV Petrom Executive Board Member responsible for the Gas & Power division, said.
“The investment framework also includes the acquisition by OMV Petrom of 50 percent of the electricity production from the project, through a power purchasing agreement (PPA) further reinforcing our commitment to securing low-carbon and reliable energy”, he added.
“By securing a 50 percent 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,” Richard König, Chief Executive Officer of Enery, noted.
The Gabare solar park will feature solar tracking systems that follow the sun’s movement to maximize electricity generation. The development of a battery-based energy storage system with a capacity of up to 600 MWh is also being considered.
Construction permits and grid connection have already been secured. The final investment decision is expected to be made by the end of 2025, with commercial operation set to begin in 2027.
OMV Petrom and Enery plan to invest approximately EUR 200 million ($232.3 million) by 2027, including external financing.
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