OMV Petrom has acquired a 50% stake in the Gabare photovoltaic project in Bulgaria, enhancing its renewable energy portfolio and contributing to the country's energy transition.

Project Overview

The Gabare photovoltaic project, situated in the Byala Slatina region of Bulgaria, is set to become one of the nation's largest solar developments with an estimated capacity of 400 MW. This ambitious initiative is expected to yield approximately 0.6 TWh of electricity annually, leveraging solar trackers to maximize energy production efficiency. OMV Petrom, the largest integrated energy company in South-Eastern Europe, has secured a 50% stake in this project, a move that highlights its commitment to expanding its renewable energy portfolio.

Industry Overview in Bulgaria

Bulgaria's renewable energy sector is experiencing significant growth, driven by governmental policies aimed at increasing the share of renewables in the energy mix. The country's strategic location, sunlight availability, and advancing technology are paving the way for more solar projects, making it an attractive destination for investment. Moreover, the European Union's commitment to sustainability and green energy further underscores the importance of expanding renewable energy capacity within member states, including Bulgaria.

The Bulgarian energy market is undergoing a transformation, characterized by an increasing reliance on renewable sources over fossil fuels. This shift is crucial for meeting EU directives on emi