OMV Petrom has taken a final investment decision (FID) on the Gabare solar project in Bulgaria, paving the way for construction of a 415 MW solar power plant with battery storage in the Vratsa region.
The project will be developed through Dunav Solar Plant, a joint venture between OMV Petrom and Austrian renewable energy company Enery. It is located near Byala Slatina in northwestern Bulgaria and will also include a battery energy storage system (BESS) of around 600 MWh, making it one of the most advanced hybrid renewable projects in the country.
Total investment is estimated at approximately €300 million, including around €100 million allocated to the battery storage component. The partners expect the plant to start producing electricity in 2028, once construction and commissioning are completed.
According to OMV Petrom, all major permits for the project have already been secured, meaning the development is now ready to enter the construction phase. On-site works will begin after the selection and awarding of the engineering, procurement, and construction (EPC) contract.
The project will be financed through a combination of shareholder contributions and external financing, reflecting a typical structure for large-scale renewable developments in the region. OMV Petrom also confirmed that a long-term power purchase agreement (PPA) has already been signed for around 50% of the expected electricity output, providing early revenue visibility.
The Gabare project will be one of the largest renewable energy investments in Bulgaria and represents a significant expansion of OMV Petrom’s renewable energy portfolio in South East Europe, further strengthening the region’s growing solar and storage market.
