CEE: Schoenherr advises on landmark 400 MW PV & BESS joint venture between Enery and OMV Petrom in Bulgaria

Located in northwest Bulgaria, the project will have an installed capacity of 400 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 MWh, ensuring enhanced flexibility and grid stability.

Completion of the transaction is expected to occur by the end of 2025, with commercial operations anticipated to commence in 2027. Together, OMV Petrom and Enery plan to invest approximately EUR 200m in this venture by 2027, including own equity and external financing. As part of the partnership, OMV Petrom will enter into a ten-year Power Purchase Agreement (PPA) to secure approximately half of the electricity produced by the Gabare PV project, further reinforcing its commitment to decarbonisation and energy security in the region.

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 265,000 households and avoiding nearly 260,000 tCO2e, Enery is at the forefront of driving the CEE region's transition to sustainable energy.

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with 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.

The Schoenherr team advising on the transaction included Robert Bachner (partner), who advised on the joint venture between OMV Petrom and Enery, and Katerina Kaloyanova-Toshkova (attorney at law), who advised Enery on the sale of the shares to OMV Petrom. Schoenherr’s competition law team, led by Georgiana Bădescu (partner), advises the joint venture parties as joint transaction counsel on the merger control filing, including consultations with the European Commission.