The Gabare solar park, located in Byala Slatina, near Sofia, will have a capacity of 400 MW.

The project will incorporate advanced solar tracking technology to maximize electricity generation and has the potential for a battery energy storage system (BESS) of up to 600 MWh capacity for future consideration.

Once operational, the PV park is estimated to cover the annual electricity consumption of approximately 150,000 Bulgarian households.

OMV Petrom and Enery plan to jointly invest approximately €200 million by 2027, including external financing, to bring this landmark project to fruition.

The closing of the transaction is anticipated in the latter half of 2025, subject to the fulfilment of certain conditions.

Franck Neel, OMV Petrom Executive Board Member responsible for the Gas & Power division, said: "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."

As part of the investment, OMV Petrom will also acquire 50% of the electricity production from the project through a power purchasing agreement (PPA), reinforcing its dedication to securing low-carbon and reliable energy.