OMV Petrom, a majority-owned Romanian oil and gas supplier, has announced the acquisition of a 710 MW PV project portfolio from Danish developer Jantzen Renewables.

It did not disclose the financial terms of the deal. The completion of the transaction is expected in the second quarter of next year, with all projects located in Teleorman county, southern Romania.

Franck Neel, member of the OMV Petrom executive board, responsible for gas and power, said that the acquisition aligns with OMV Petrom's goal of reaching an installed renewables capacity of at least 1 GW by 2030, including through partnerships.

OMV Petrom has already installed PV systems on the rooftops of 40 gas stations in Romania. It entered the renewable energy sector in 2010 with the purchase of a wind farm.

Romania is now developing several large PV installations, including a recently acquired 1,044 MW solar project by UK independent power producer Rezolv Energy, which has the potential to become Europe's largest PV plant.