Vienna, June 23, 2025
Enery Development GmbH (“Enery”) and OMV Petrom S.A. (“OMV Petrom”) are pleased to announce the establishment of a 50-50% joint venture to build and operate the Gabare photovoltaic (PV) project, one of the largest integrated solar and battery storage projects in Southeast Europe.
The project, located in northwest Bulgaria, will have an installed capacity of 400 megawatts (MW). This significant investment underlines both companies’ commitment to accelerating the transition toward renewable energy and sustainable energy solutions. It is designed to allow for the potential integration of a Battery Energy Storage System (BESS) of up to 600 megawatt-hours (MWh), ensuring enhanced flexibility and grid stability.
The final investment decision (FID) is expected by the end of 2025, with commercial operations anticipated to commence in 2027. Together, OMV Petrom and Enery plan to invest approximately €200 million in this 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, further reinforcing its commitment to decarbonization and energy security in the region.
This joint venture marks a milestone for Enery, not only in terms of scale but also in the way we structure long-term partnerships. By combining our development and execution capabilities with OMV Petrom’s industrial presence and market reach, we are delivering one of the region’s largest PV assets in a way that creates lasting value for all parties. The integrated offtake structure—with OMV Petrom securing 50% of the output—demonstrates how renewable energy can be reliably integrated into corporate supply chains, enhancing both energy security and sustainability.
Franck Neel, OMV Petrom Executive Board Member responsible for Gas & Power division, 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. The investment framework also includes the acquisition by OMV Petrom of 50% of the electricity production from the project, through a power purchasing agreement (PPA) further reinforcing our commitment to securing low carbon and reliable energy.”
Richard König, Chief Executive Officer, Armanc Ekinci, Chief Development Officer, and Tamas Jakab, VP M&A, of Enery, commented:
“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.”
About Enery
Enery is an independent renewable energy provider dedicated to supplying its customers with reliable, affordable, long-term green energy. With a diversified green portfolio currently generating almost 700 GWh of clean electricity annually from 490 MW installed capacity, powering 567,000 households and avoiding nearly 512,000 tCO2e, Enery is at the forefront of driving the CEE region’s transition to sustainable energy. The company’s ambitious plans include ongoing development projects with more than 8 GW in 11 countries. With its diverse and multidisciplinary team of 30 nationalities, Enery is focusing on developing, constructing, and operating renewable energy projects by integrating environmental, social, and governance (ESG) factors into every aspect of day-to-day business and delivering 24/7 renewable electricity to its customers, as well as optimizing generation and battery storage assets in the most efficient manner.
About OMV Petrom
OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million boe in 2024. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom.
OMV Petrom is a company in which, as of end-2024, Romanian shareholders hold over 44% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 23.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 4.5% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.
OMV Petrom is one of the largest contributors to the state budget, with around 44 billion euro in taxes and dividends paid between 2005 and 2024. During the same period, the company invested approximately 20 billion euro.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2024, the company has allocated around 190 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.
Our commitment to climate change mitigation is reflected by our consistent efforts to reduce our emissions, with the long-term goal to achieve net zero operations by 2050.
Enery Press Office
Email: press@enery.energy