Enery and OMV Petrom are partnering in Bulgaria via a 50:50 joint venture to develop the 400 MW Gabare solar project, one of the country’s largest photovoltaic developments.
Enery and OMV Petrom, the largest integrated energy company in Southeast Europe, headquartered in Bucharest, have entered into a forward-looking partnership. The two companies have agreed to establish a 50:50 joint venture for the development and operation of the Gabare photovoltaic project in northwestern Bulgaria.
Gabare is one of the largest integrated solar and battery-storage projects in Southeast Europe. With an installed capacity of 400 MW, it is expected to generate around 630 GWh of green electricity per year—enough to supply more than 150,000 Bulgarian households. That corresponds to an annual reduction of approximately 286,650 tonnes of CO2 emissions and makes the project an important contributor to regional decarbonization.
One of the project’s distinctive features is the potential integration of a battery energy storage system with a capacity of up to 600 MWh. The storage component is intended to provide additional flexibility and improve grid stability.
Proof of Enery’s Capability
Enery CEO Richard König describes the joint venture as convincing proof of the company’s ability to structure innovative large-scale partnerships that offer long-term planning certainty. At the same time, he says, the project underlines the strong development potential of Enery Element in the region. The final investment decision is expected by the end of 2025, and commercial operation is scheduled for 2027. By then, Enery and OMV Petrom plan to invest approximately EUR 200 million in the project, financed through both equity and external funding.
As part of the partnership, OMV Petrom will also sign a ten-year Power Purchase Agreement (PPA), securing around 50 percent of the electricity generated at Gabare over the long term. That arrangement reinforces the company’s ambition to contribute meaningfully to decarbonization and energy security in the region.
In Gabare, there’s potential for the integration of a BESS with a capacity of up to 600 MWh.
A New Benchmark for Industry
Enery Chief Development Officer Armanç Ekinci says the long-term PPA with OMV Petrom will not only stabilize project revenues, but also set a new benchmark for the way industrial companies can actively support the energy transition. Tamas Jakab, Enery’s Vice President M&A, thanks both project teams and all advisers involved for the efficient cooperation that made the joint venture possible, and gives particular credit to Enery Element for its work on the project.
Franck Neel, OMV Petrom’s Executive Board Member responsible for Gas & Power, says the investment in one of Bulgaria’s largest solar projects strengthens the company’s presence in a neighboring market while contributing to the regional energy transition. In his view, natural gas and renewable energy complement one another in reducing emissions while maintaining security of supply. He adds that Enery brings not only deep renewable-energy expertise, but also a clear vision for a sustainable future and a genuinely collaborative mindset.
Secure Supply, Sustainable Value
For Enery, the joint venture is a milestone not just because of its scale, but due to its innovative structure for long-term industrial partnerships. By combining Enery’s development and execution capabilities with OMV Petrom’s industrial footprint and market reach, this partnership delivers one of the region’s largest photovoltaic projects in a way that creates durable value for all parties involved.
A central element of the project is its integrated offtake structure, under which OMV Petrom secures half of the plant’s output over the long term. The model shows how renewable electricity can be integrated reliably into corporate supply chains, thereby making a tangible contribution to both sustainability and security of supply.