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04 July 2023
press release

Romania: Schoenherr advises OMV Petrom on acquisition of 710 MW PV projects

Schoenherr Romania advised OMV Petrom on the acquisition of several photovoltaic (PV) parks under development, with planned installed power of approx. 710 MW. The projects, which are located in Teleorman county, are being developed by the Danish developer Jantzen Renewables and are expected to reach the "ready-to-build" phase in the second quarter of 2024.

The transaction supports OMV Petrom's green target of reaching an installed renewables capacity of at least 1 GW by 2030. The acquired PV parks represent a notable investment for Romania and the region. Once finalised, they will be one of South-Eastern Europe's most significant PV projects, powering the equivalent consumption of approx. 280,000 Romanian households annually.

"Both parties to this large-scale M&A deal – OMV Petrom and Jantzen Renewables – share a strong commitment to the development of the Romanian renewable energy sector," said local partner Monica Cojocaru, who led the Schoenherr team advising OMV Petrom in this matter. "The smooth cooperation we have witnessed throughout the process has been fuelled by this joint interest and we are happy to have helped move the transaction forward."

OMV Petrom is the largest integrated energy company in South-Eastern Europe, with annual group hydrocarbon production of approximately 43m boe in 2022. The group has a refining capacity of 4.5m tons annually and operates an 860 MW high-efficiency 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.

Jantzen Renewables is a spinoff from the project development company Jantzen Development. With the core team having +15 years of experience and a track record in project development in Romania, Jantzen Renewables has quickly established itself as a significant player in the renewable energy ecosystem. Currently, the company is developing a +2 GW pipeline of renewable energy assets across the country.

Schoenherr advised the buyer in all phases of this M&A transaction. The team was led by Monica Cojocaru (local partner) and included Claudiu Stan (senior attorney at law), Vlad Cordea (senior attorney at law) and Georgiana Bădescu (partner).

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