Bucharest, 4 July 2024: Rezolv Energy, the Actis-backed independent power producer in Central and Southeastern Europe, through their project subsidiary First Looks Solutions S.R.L., have signed a 10-year Virtual Power Purchase Agreement (VPPA) in Romania with Bekaert, a global leader in steel wire transformation and coating technologies. This is one of the largest PPAs ever signed in the region. The deal will see Bekaert buy 100 GWh of additional renewable power per year, reducing annual emissions by more than 41 000 tonnes of CO2e . The power will come from the 461MW ‘VIFOR’ wind farm, which has been developed by Rezolv and Low Carbon in Buzău County, Romania.
The PPA represents a new milestone in Bekaert’s Sustainability strategy “Creating a better tomorrow”. From making a positive impact with its sustainable solutions and practices, to building a diverse and inclusive future, Bekaert is determined to improve life and create value for all of its stakeholders. Through renewable energy projects like the VPPA in Romania, Bekaert increases the proportion of its renewable energy supply, reducing its carbon footprint as per its validated SBTi targets.
About the VIFOR Wind Farm
Once operational, VIFOR will be one of Europe’s largest onshore wind farms. Close to the Carpathian Mountains and benefiting from exceptional wind yields, the project will generate enough clean energy to power more than 270 000 homes and will avoid approximately 540 000 tonnes of CO2e annually. Phase 1 will install 192MW in capacity with planned expansion to 461MW in phase 2. Construction is scheduled to be completed within 18 months, with VIFOR coming onstream before the end of 2025.
In a region which has historically relied on fossil fuels for most of its energy needs, replacing fossil production with renewables delivers the maximum possible emissions reduction impact. The project will therefore play a crucial role in the region’s energy transition and support Romania in meeting its climate targets. It will also be developed to the highest international sustainability standards to ensure that it leaves a lasting, positive legacy.
Michael Hamilton, VP Commodities, Bekaert, said: “We are delighted to sign this exciting project in Romania with Rezolv. This agreement not only enhances our existing renewable energy portfolio but also exemplifies our commitment to sustainability and creating value for all of our stakeholders. By integrating renewable energy sources into our operations, we are taking significant steps towards a greener future for our company and the customers we serve.”
Alastair Hammond, CEO, Rezolv Energy, said: “We are proud to be contributing to Bekaert’s decarbonisation objectives through this VPPA. By signing it, Bekaert is also enabling the first phase of the VIFOR project, a large-scale wind farm which will play a significant role in Romania’s energy transition. Phase 2 will help us meet even more of the widespread corporate demand for clean power.”
You might also like
30 September 2024
Rezolv Energy and A2A sign Virtual Power Purchase Agreement for 150 GWh of wind energy in Romania
A2A, an Italian group active in the energy, water and environment sectors, has signed a 7-year Virtual Power Purchase Agreement (VPPA) with Rezolv Energy, an independent power producer backed by Actis.
18 September 2024
ICT companies should act now to secure the green power needed for data centre growth
In the last article in this series, we explored the regulations, directives and other EU initiatives which are – or will be – the most important in encouraging European companies to switch to buying more renewable power.
6 September 2024
Ardagh Glass Packaging-Europe enters Bulgarian renewable energy market by signing Virtual Power Purchase Agreement with Rezolv Energy
Ardagh Glass Packaging-Europe (AGP-Europe), an operating business of Ardagh Group, announced today that it has entered a long-term Virtual Power Purchase Agreement (VPPA) with Rezolv Energy’s St. George solar photovoltaic (PV) project in Bulgaria, securing renewable electricity for its glass manufacturing operations across Europe from April 2026.
6 September 2024
Rezolv Energy hands contracts to three companies, including Solarpro and CMC Europe, to build the ‘St. George’ solar park in Bulgaria
Actis-backed Rezolv Energy has selected three companies – CMC Europe, Solarpro and Green Solar Energy – to build the 229MW ‘St. George’ solar park in Silistra Municipality in Northeastern Bulgaria. Construction work is due to start very shortly, with the plant coming onstream next year.
18 July 2024
Which regulatory changes at EU level are doing – or will do – the most to push companies towards renewable power?
In the last article in this series, we took a deep-dive into the telecommunications industry, a sector which, according to industry estimates, accounts for 1-2% of all energy consumed globally – and which is amongst the fastest-growing for renewable energy power purchase agreements (PPAs).
11 July 2024
Why is the telecoms industry amongst the fastest-growing sectors for renewable energy PPAs?
In the last article in this series, we took the first of several deep-dives we will be taking into industry sectors which are heavily impacted by the energy transition – and which are driving demand for renewable energy power purchase agreements (PPAs) in Central & South Eastern Europe.
19 June 2024
T-Mobile Czech Republic, Slovak Telekom and CE Colo sign pioneering cross-border virtual Power Purchase Agreements with Rezolv Energy
Major deal will see the Deutsche Telekom companies buy 100GWh of clean power per annum for 12 years
The deal, the first cross-border virtual Power Purchase Agreements signed by Czech or Slovak companies, will enable the construction of the one of Europe’s largest onshore wind farms.
17 June 2024
Rezolv Energy & Low Carbon hand Vestas EPC contract for VIFOR wind farm in Romania
Bucharest, 17 June 2024: Actis-backed Rezolv Energy and Low Carbon, through their project subsidiary First Looks Solutions S.R.L., have selected Vestas as the engineering, procurement and construction (EPC) partner for the first phase of the ‘VIFOR’ wind farm in Buzău County, Romania. Phase 1 will install 192MW in capacity, with planned expansion to 461MW in Phase 2.
13 June 2024
Rezolv Energy & Low Carbon sign finance facilities for up to €291 million to build the VIFOR wind farm in Romania
Bucharest, 13 June: Rezolv Energy and Low Carbon, through their project subsidiary First Looks Solutions S.R.L., have secured finance loan facilities of up to €291 million to support the Phase 1 construction of the ‘VIFOR’ wind farm, a major project located in Romania.