OMV Petrom has bought half of the company holding what it calls the largest wind power portfolio in Romania. No price was disclosed. The one figure that was published covers far more than the shares. And on the same day, OMV Petrom also bought its partner's electric vehicle chargers.
Key takeaways
- OMV Petrom announced on 3 January 2024 that it had agreed to acquire a 50% stake in Electrocentrale Borzesti from Renovatio's RNV Infrastructure, and the deal value was not disclosed.
- Electrocentrale Borzesti holds about 1 GW of renewable projects in north-eastern Romania, made up of 950 MW of wind across four wind parks and a 50 MW photovoltaic park, including the 629 MW Galati wind power project.
- OMV Petrom's contribution to the acquisition and construction of the Electrocentrale Borzesti projects is estimated at up to $373.72 million, a figure that covers building the projects as well as buying into them.
- On the same day OMV Petrom agreed to acquire 100% of Renovatio's e-mobility business, owner of Romania's leading EV charging network, and the two companies plan to invest around $1.42 billion in Romanian renewables by 2027.
- Leap records the OMV Petrom acquisition of 50% of Electrocentrale Borzesti as completed in October 2024, with estimated cumulative annual production of about 1.4 TWh for OMV Petrom.
What did OMV Petrom buy, a company or a set of projects?
A company, and with it a partner. Leap classifies the transaction as a corporate deal because OMV Petrom acquired half of Electrocentrale Borzesti, the entity that holds the projects, rather than the projects one by one. RNV Infrastructure keeps the other half.
That shape tells you how the portfolio will be built. The projects will be further developed, built and operated in partnership between OMV Petrom and RNV Infrastructure. Renovatio brings the development work and local execution. OMV Petrom brings a large balance sheet and a reason to want low-carbon generation in its home market.
The assets were already past the hardest early hurdle. Leap records the portfolio as late-stage, and every project has already been granted access to the electricity network. In a market where grid connection is often the binding constraint, that is a large part of the value of a development pipeline.
The build timetable at signing was staggered. The photovoltaic park was expected to supply the national system from 2024, while the wind parks were expected to start production gradually between 2025 and 2027.
Why does the $373.72 million not work as a price?
Because it measures commitment, not consideration. A price is what a buyer pays the seller for the shares. OMV Petrom's estimated contribution of up to $373.72 million covers both the acquisition and the construction of the projects. Most of the money in a development-stage deal like this goes into turbines, panels and civil works, not to the seller.
That makes any per MW figure built on it misleading. Dividing the contribution by OMV Petrom's attributable share of the capacity would mix a share purchase price with a share of capital expenditure, and produce a number that cannot be compared with an operating asset sale. Leap records the deal value as not disclosed, and that is the honest reading.
The figure is still useful for a different question. It shows the scale of capital OMV Petrom is prepared to commit to Romanian renewables through a single partnership, before counting the wider $1.42 billion investment plan the two companies set out alongside it.
Why buy Renovatio's EV chargers on the same day?
Because the two transactions describe one relationship rather than two deals. Alongside the Electrocentrale Borzesti stake, OMV Petrom agreed to acquire all of Renovatio Mobility, the owner of Romania's leading EV charging network. Leap records 455 charging points and 313 charging stations at around 199 locations, with plans to reach about 650 by 2026. With the purchase, OMV Petrom expects to become the largest e-mobility player in Romania.
The advisory teams were the same on both transactions. Finergreen acted as financial adviser and Tuca Zbarcea and Asociatii as legal adviser to OMV Petrom, while Schoenherr advised Renovatio. Leap describes the combined move as OMV enhancing its credentials in the energy transition, and treating generation and charging as one negotiation let it add both in a single step.
What changed between signing and completion?
The deal closed later than planned, and the partnership extended beyond it. Closing had been expected in the first half of 2024. Leap records the Electrocentrale Borzesti transaction as completed in October 2024. On the same date, Leap records OMV Petrom acquiring a separate 18 MW operational renewable portfolio from Renovatio, a further asset from the same seller.
Enerdatics records 12 Romanian wind M&A transactions announced in 2023 and 2024, and at 1,000 MW the OMV Petrom deal is the largest by capacity. Six of the 12 carry a disclosed value. Operating assets cluster around $1 million per MW: PPC paid $766.28 million for Evryo's 774 MW, about $0.99 million per MW, and $110.6 million for LUKOIL's 84 MW, about $1.32 million per MW, while Premier Energy paid $94 million for Iberdrola's 80 MW, about $1.18 million per MW, and $20.44 million for a 26 MW portfolio, about $0.79 million per MW. Development assets spread far wider. Nala Renewables paid $234.24 million for OX2's 99.2 MW project, about $2.36 million per MW, while Polenergia paid $10.12 million for 60% of a 685.6 MW development, which grosses up to about $0.02 million per MW for the whole project. The largest deal in the set is one of those without a price.
What does the deal signal for Romanian wind?
It signals that OMV Petrom chose a partnership over one-off asset purchases, a different route from PPC's outright portfolio buys in the same market. OMV Petrom took half of a platform, kept the developer as co-owner and tied in an adjacent business on the same day. That gives the buyer a pipeline and a delivery partner, and gives the seller a funded route to construction.
It also signals where the risk now sits. Grid access is secured, so the remaining questions are construction cost, timing and financing. Romanian wind projects have shown that construction risk can stay with the developer even after a sale, and large Romanian renewables builds have needed broad lender groups. A 950 MW wind programme will test both.
Frequently asked questions
What did OMV Petrom acquire from Renovatio? A 50% stake in Electrocentrale Borzesti, which holds about 1 GW of wind and solar projects in north-eastern Romania, plus 100% of Renovatio's e-mobility business in a separate transaction announced the same day.
How much did OMV Petrom pay for the Electrocentrale Borzesti stake? The deal value was not disclosed. OMV Petrom's contribution to acquiring and building the projects is estimated at up to $373.72 million, which is not a purchase price.
When will the Electrocentrale Borzesti wind parks operate? At signing, the wind parks were expected to start production gradually between 2025 and 2027, with the photovoltaic park supplying the grid from 2024. The acquisition completed in October 2024.
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