OMV Petrom is expanding its renewable energy capacity in Romania by acquiring a 710MW PV portfolio from Jantzen Renewables. The portfolio, now at a ready-to-build stage, will be developed in Teleorman County—a region chosen for its high solar yield.
Expanding Renewable Energy Assets
Romanian oil and gas producer OMV Petrom has taken a significant step toward expanding its renewable energy assets by acquiring a 710MW PV portfolio from Danish developer Jantzen Renewables.
Marking a major milestone in its energy transition, this acquisition is part of OMV Petrom’s broader strategy to increase its renewable capacity in Romania. The new solar projects will be developed in Teleorman County, located in the southern part of the country.
OMV Petrom chose the region for its high solar yield, a critical factor in maximizing energy production. The portfolio is already in a “ready-to-build” stage, meaning all necessary preparations and approvals are complete, allowing construction to begin soon.
PV Portfolio: Significance and Benefits
First announced in June 2023, the transaction includes projects that have already been granted grid access—a crucial step in integrating the generated power into Romania’s national electricity grid. The entire PV portfolio is expected to be fully operational by the second half of 2026.
Franck Neel, a member of the OMV Petrom Executive Board, highlighted the acquisition’s importance, stating, “This acquisition marks a key step forward in OMV Petrom’s firm commitment to develop a portfolio of around 2.5GW of installed renewable energy capacity by 2030, capitalizing on strategic partnerships.”
This 710MW investment is a significant part of OMV Petrom’s goal to reach 2.5GW of installed renewable energy capacity by the end of the decade. The company’s focus on solar aligns with the global shift toward cleaner energy sources as nations and corporations work to reduce their carbon footprints.
Simtel and Monsson Partner for 150MW PV and Energy Storage Project
Amid this growth, Romania’s renewable energy sector is seeing other significant developments. Engineering and technology company Simtel has entered into a strategic partnership with leading renewables developer Monsson to develop, construct, and sell a 150MW PV and hybrid energy portfolio in the country.
Their partnership also aims to establish 120MWh of energy storage facilities. Such storage is essential for stabilizing the power grid, as it allows excess energy generated during peak solar production to be saved for periods of lower output, ensuring a more reliable supply.
Financing for the project will come from multiple sources, including the companies’ own resources, bank loans, green bonds, and European Union funds. This diversified approach is key to ensuring the project’s success and mitigating financial risks.
Ana Nedea, director of strategy and business development at Simtel, commented on the partnership’s significance, saying, “This partnership complements the strategy we have defined for the 2025–2030 period, during which we are committed to implementing 500MWp of green energy production capacity and expanding energy storage infrastructure by 300MWh.”
Romania’s Growing Solar PV Sector
Interest in solar PV in Romania is growing rapidly. According to trade association SolarPower Europe, the country is expected to add 8.7GW of solar capacity between 2024 and 2027 as part of its broader strategy to diversify energy sources and reduce reliance on fossil fuels.
To support this growth, Romania’s Ministry of Energy recently approved a Contracts for Difference (CfD) scheme aimed at attracting 2.5GW of solar PV between 2024 and 2025. This government-backed initiative is designed to provide long-term price stability for renewable energy projects, making them more attractive to investors.
The first CfD round, seeking 500MW of solar PV, is expected to launch later this year. A second round is planned for 2025 to tender an additional 2GW of solar capacity.
OMV Petrom’s acquisition of the 710MW portfolio represents a major boost to Romania’s energy transition, with the projects expected to come online by 2026. At the same time, the Simtel and Monsson partnership further reinforces the country’s growing focus on solar PV and energy storage.
