OMV Petrom, the largest integrated energy producer in South-Eastern Europe, has acquired a 50% stake in the Gabare solar project located near Sofia, Bulgaria. This project, developed by Enery Element through Dunav Solar Plant EOOD, will have an installed capacity of approximately 400 megawatts (MW). The partnership aims to enhance Bulgaria’s renewable energy infrastructure and contribute to the region’s energy transition.
As part of the agreement, OMV Petrom will also secure 50% of the electricity produced by the Gabare solar project through a power purchasing agreement (PPA). This approach not only reinforces OMV Petrom’s strategy of providing low-carbon energy but also ensures a reliable energy supply for the future.
Franck Neel, an executive board member at OMV Petrom, expressed enthusiasm about the collaboration with Enery, emphasizing their shared goal of advancing sustainable energy solutions. The investment is expected to be around €200 million by 2027, with external financing playing a role in supporting the project’s development.
The Gabare solar park will utilize solar tracking technology to maximize energy output and is considering a battery energy storage system with a capacity of up to 600 megawatt-hours (MWh). This feature will allow for greater efficiency and reliability in energy supply. With construction permits and grid connection already secured, the project is set to make a final investment decision by late 2025, aiming for commercial operations to commence in 2027.
Richard König, CEO of Enery, highlighted the importance of this joint venture in creating long-term revenue stability for the project. He noted that the collaboration showcases how industrial players can actively engage in the energy transition.
The transaction is anticipated to close in the second half of 2025, contingent upon meeting certain conditions. Overall, this partnership represents a significant advancement in Bulgaria’s renewable energy landscape, with the potential to provide electricity to around 150,000 households annually based on average consumption.
