The Austrian renewable energy company Enery and Romanian oil and gas company OMV Petrom have launched a joint venture to build and operate one of the largest photovoltaic and battery projects in Bulgaria.

The Gabare solar project, located in Byala Slatina, near Sofia, will have an installed capacity of 400 MW and is designed to allow for the potential integration of a battery energy storage system (BESS) of up to 600 MWh.

Once operational, the solar park’s output could cover the annual electricity consumption equivalent to approximately 150,000 Bulgarian households, based on average usage.

Construction and grid connection permits have already been obtained. The final investment decision is expected by the end of 2025, and commercial operations are projected to begin in 2027.

According to OMV Petrom, the company is acquiring a 50% stake in Dunav Solar Plant EOOD—the developer of the Gabare project—from Enery Element.

Through this partnership, OMV Petrom and Enery plan to invest around €200 million by 2027, including external financing.

Franck Neel, member of the Executive Board of OMV Petrom and responsible for the Gas and Energy division, stated that "by investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence in this neighboring market and supporting the region’s energy transition. We believe natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability. The investment framework also includes OMV Petrom’s acquisition of 50% of the project’s electricity production through a Power Purchase Agreement (PPA), further reinforcing our commitment to delivering reliable, low-carbon energy."

Richard König, CEO of Enery, added that "this joint venture is a strong testament to Enery’s ability to structure innovative partnerships that deliver both scale and certainty, as well as to the development expertise of Enery Element in the region. By securing a long-term PPA for 50% of the output with OMV Petrom as part of the investment framework, we not only ensure long-term revenue stability for the project but also set a benchmark for active industrial participation in the region’s energy transition. We are grateful for the efficient cooperation between both project teams and the advisors who made the joint venture possible, and we look forward to working together toward the commercial operation date of this flagship renewable project. We also want to thank the Enery Element team for their outstanding work in project development."