Enery Enters JV with OMV Petrom for Solar Venture in Bulgaria
Deal News | Jul 02, 2025 | CEE Legal Matters
Schoenherr has successfully advised Enery Element on the divestment of its 50% stake in Dunav Solar Plant to OMV Petrom, forming a joint venture for the Gabare photovoltaic project in Bulgaria. This strategic venture also involves Enery Power Holding taking full control of the remaining shares. The Gabare project, poised to become a leading photovoltaic and battery storage installation in Southeast Europe, promises a total capacity of 400 megawatts. Moreover, a Battery Energy Storage System of up to 600 megawatt-hours is planned, bolstering the project's significance. The two companies, OMV Petrom and Enery, committed approximately EUR 200 million in investments, aiming for commercial operations by 2027 and securing a 10-year Power Purchase Agreement covering half of the projected electricity output. This collaboration aims to advance Southeast Europe's energy infrastructure significantly.
Sectors
- Renewable Energy
- Legal Advisory
- Infrastructure
Geography
- Bulgaria – The joint venture and the notable solar and storage project are set in Bulgaria, focusing on the nation's energy sector.
- Southeast Europe – The Gabare project is a significant renewable energy infrastructure development in Southeast Europe, making it relevant to the regional geography.
Industry
- Renewable Energy – The article discusses a joint venture in the development of a major photovoltaic and battery storage project, which is part of the renewable energy sector.
- Legal Advisory – Schoenherr, a legal advisory firm, played a crucial role in advising Enery on the transaction, highlighting the importance of legal services in M&A activities.
- Infrastructure – The investment into the Gabare project represents significant developments in energy infrastructure in Southeast Europe.
Financials
- EUR 200 million – The joint venture between OMV Petrom and Enery is expected to receive this amount in investments by 2027.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enery Element | Target | Company | Enery Element is the company selling its stake in Dunav Solar Plant as part of a joint venture with OMV Petrom. |
| OMV Petrom | Bidding Company | Company | OMV Petrom is acquiring a 50% stake in the Dunav Solar Plant and partnering in the joint venture for the Gabare project. |
| Enery Power Holding | Vendor | Company | Enery Power Holding took full control of the remaining shares of Dunav Solar Plant from Enery Element. |
| Schoenherr | Legal Advisor | Company | Schoenherr advised Enery Element on the legal aspects of the joint venture and the share transfer. |
| Robert Bachner | Partner | Person | A partner at Schoenherr who was involved in advising Enery. |
| Georgiana Badescu | Partner | Person | A partner at Schoenherr who was involved in advising Enery. |
| Katerina Kaloyanova-Toshkova | Attorney at Law | Person | An attorney at law at Schoenherr who was involved in advising Enery. |