OMV Petrom announced the signing of the financing contracts to construct four photovoltaic parks with a cumulated capacity of ~450 MW. The financing contracts have been signed by the Ministry of Energy, as contracting authority, and by the representatives of the four legal entities, beneficiaries of this financing and responsible for implementing the projects. Within these entities, OMV Petrom and CE Oltenia are equal partners, each with a participation of 50%.

The total investments needed for the development of the four photovoltaic parks amount to more than EUR 400 mn, 70% being financed through the Modernization Fund. In the next period, the tender documents will be released in order to contract the engineering services, the construction and commissioning of the photovoltaic parks. The execution works will start after the winner of this tender will be designated.

According to current estimates, the PV parks should supply electricity to the national energy system in 2025.