The total investments required for the development of the four PV parks amount to over EUR 400 million, approximately 70% being financed through the Modernization Fund.

Franck Neel, member of the OMV Petrom Executive Board, responsible for Gas and Power: "Our goal is to put in function more than 1 GW of renewable power capacity by 2030, including through partnerships."

"The installed capacity of the four photovoltaic parks will increase by a third the total national installed capacity of solar energy, which is currently around 1.4 GW", he added.

OMV Petrom Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant.

Daniel Burlan, president of CE Oltenia board: „CE Oltenia – the largest coal-based energy producer in Romania has to adapt its growth strategy to the new trends and requirements that aim at the decarbonization of the Romanian energy system by diversifying Romania's energy mix and by replacing lignite-based units with natural gas power plants and renewable energy projects, in order to keep safe the national energy system (NES)."

The PV parks will be built in Ișalnița, Tismana, Roșia and Rovinari, on the sites of the former mining operations operated by CE Oltenia.

According to current estimates, the PV parks should supply electricity to the national energy system starting 2024.

The project will be developed through four separate legal entities, in a 50% - 50% equity interest structure. The intention is to sell the produced electricity by these entities to the two partners in equal shares.

Complexul Energetic Oltenia is a coal-based energy producer, with 9 energy groups and an installed capacity of 2.595 MW.