Austrian renewables outfit Enery and Romanian oil company OMV Petrom have launched a joint venture to build and operate one of the largest integrated solar and battery storage projects in south-east Europe.
The Gabare solar project in Bulgaria will have an installed capacity of 400MW and is designed to allow for the potential integration of a battery energy storage system (BESS) of up to 600MWh.
The final investment decision (FID) is expected by the end of 2025, with commercial operations expected to start in 2027.
Together, OMV Petrom and Enery plan to invest approximately €200m in this 50-50 joint venture by 2027, including own equity and external financing.
As part of the partnership, OMV Petrom will enter into a 10-year Power Purchase Agreement (PPA) to secure approximately half of the electricity produced by the Gabare PV project.
OMV Petrom’s executive board member responsible for the gas and power division Franck Neel said: “By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence on this neighbouring market and we 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.
“We’re excited to be partnering with Enery, a company that brings deep expertise in renewable energy, while also a shared commitment to building a more sustainable future.
“Their collaborative spirit and forward-looking approach make them an ideal partner as we move ahead with this important project.”
Enery chief executive Richard König said: “This joint venture is a strong testament to Enery’s ability to structure innovative partnerships that deliver both scale and certainty, as well as Enery Element’s development capability in the region.
“By securing a 50% 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.
“We appreciate the efficient cooperation between the two project teams and the advisors which made the joint venture possible and look forward to working jointly towards reaching commercial operations date (COD) of this landmark renewable project. We would also like to thank the Enery Element team for their excellent work in developing the project.”
