Petrom invests in wind power in Romania with Vestas wind turbines

Petrom, Romania’s largest company and owned by Austria’s OMV (OMVV.VI), is buying 100 percent of Wind Power Park SRL, which owns a fully-permitted 45 megawatt wind power project near the Black Sea.

Petrom would invest a total 100 million euros  for both the purchase and development of the wind farm, to be equipped with wind turbines from Vestas Wind Systems (VWS.CO), for which acquisition contracts are already in place.

Investors welcomed Petrom’s increased focus on electricity generation — it is also building a 860 megawatt gas-fired plant in the southern town of Brazi — and shares gained 2.9 percent to 0.36 lei by 0749 GMT.

"We do expect to see some more acquisitions, but in which direction the funds will be allocated is hard to say at this point," Unger said. The Romanian group’s chief executive, Mariana Gheorghe, said it could consider investing in wind energy, though she ruled out major acquisitions.

Our strategy for electricity envisages the development of a balanced projects portfolio, from both conventional sources, such as gas, but also from renewable sources," executive board member Gerald Kappes said in a statement.