OMV Petrom Acquires 50% of the Shares in Bulgaria’s Gabare PV Project
OMV Petrom and Enery partner in a large-scale photovoltaic project in Byala Slatina, near Sofia, Bulgaria.
Thus, OMV Petrom acquires from Enery Element 50% of the shares held in Dunav Solar Plant EOOD, which is developing the Gabare photovoltaic project with an installed capacity of about 400 MW. There is also an option to develop a battery energy storage system. Once operational, the output of the photovoltaic park could cover the equivalent annual electricity consumption of around 150,000 households in Bulgaria based on their average annual electricity consumption.
The transaction is expected to be finalized in the second half of 2025, subject to certain conditions.
“By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence on this neighbouring market and 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, as well as 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,” said Franck Neel, OMV Petrom Executive Board Member responsible for Gas & Power division.
“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 of this landmark renewable project. We would also like to thank the Enery Element team for their excellent work in developing the project,” added Richard König, Chief Executive Officer of Enery.
Gabare solar park: a landmark project for renewable energy in Bulgaria
Located in Byala Slatina, near Sofia, the Gabare solar park will have a capacity of around 400 MW and will be equipped with tracker systems that follow the sun’s movement to optimize electricity production. The development of a battery energy storage system with a capacity of up to 600 MWh is also envisaged.
Authorizations for construction and grid connection have already been obtained. The final investment decision is planned to be made by the end of 2025, with commercial operations expected to start in 2027.
Through this partnership, OMV Petrom together with Enery intends to invest until 2027 about €200 million, including external financing.
About OMV Petrom in Bulgaria
OMV Petrom has been a reliable partner for Bulgaria in the energy sector for many years, with a presence across the entire value chain – from fuel retailing, natural gas marketing and Black Sea exploration. OMV Petrom operates a network of 93 filling stations in Bulgaria. As of 2024, the company sells natural gas to non-household customers in Bulgaria through its local subsidiary.
Following the successful discovery of natural gas resources in the Neptun Deep Block in the Black Sea, with the project currently under development, the company is now exploring the natural gas potential in Bulgaria’s Han Asparuh Block, with plans to start exploration drilling this year.
About Enery
Enery is an independent renewable energy supplier dedicated to providing its customers with reliable, affordable and long-term green energy. With a diversified green portfolio generating almost 700 GWh of green electricity annually from an installed capacity of 490 MW, contributing to powering around 265,000 households and avoiding around 260,000 tons of CO₂ equivalent (tCO₂e). Enery is at the forefront of the CEE region’s transition to sustainable energy. The company’s ambitious plans include more than 8 GW of projects under development in 11 countries. With its diverse and multidisciplinary team of 30 nationalities, Enery focuses on developing, building and operating renewable energy projects, integrating environmental, social and governance (ESG) factors into every aspect of its day-to-day business and delivering renewable energy 24/7 to its customers, as well as optimizing generation and battery storage capacities in the most efficient way.
