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.
The financing received resounding support by the financing community. The consortium of eight lenders was led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, as well as the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania.
This landmark transaction is the first financing for Rezolv Energy, which was launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, to build a multi-gigawatt portfolio of onshore wind and solar parks in Central and Southeastern Europe.
Phase 1 of the VIFOR project will install 192MW in capacity underpinned by five landmark commercial power purchase agreements (PPAs). Construction is scheduled to be completed within 18 months, with the wind farm coming onstream before the end of 2025. A planned expansion to 461MW will take place in Phase 2.
Once fully operational, VIFOR, which is located in Buzău County, north-east of Bucharest, 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. The project will support Romania in meeting its climate targets and play an important role in the region’s energy transition.
In approving the loans, the banks acknowledged Rezolv’s commitment to sustainability, which has been built on industry best practice and aligns with international standards, including the Equator Principles and IFC’s Performance Standards on Environmental and Social Sustainability. One of its pillars is striving to ensure that each of its renewable energy plants supports flourishing and sustainable ecosystems.
In addition to the environmental benefits, VIFOR will create local jobs both during construction and operation, deliver economic benefits to the local community, and support community initiatives in Buzău County aimed at ensuring that the project leaves a lasting, positive legacy for local people.
Alastair Hammond, CEO, Rezolv Energy, said: “We are delighted to have secured this support from such a prestigious group of supranational lending partners, regional commercial lenders and local banks. Their support is recognition of the vital role of large-scale projects like VIFOR in the energy transition in Southeastern Europe. They are also a response to our sustainability strategy, which is designed to ensure that we set a standard for the responsible development of renewable energy projects in this region which others will be inspired to follow. That was an important factor for all of the banks.”
Rezolv already has well over 2GW of clean energy being prepared for construction in Southeastern Europe. As well as the VIFOR wind farm, projects include Dama Solar in western Romania which, at 1,044MW, will be the largest solar plant anywhere in Europe once it is built, the 600MW Dunarea East & West Wind Farms in Romania’s Constanța County, and St. George, a 229MW solar project in north-eastern Bulgaria.
You might also like
16 October 2024
Rezolv Energy secures up to €90 million in debt financing from the IFC and Raiffeisen Bank International for the St. George solar park in Bulgaria
Rezolv Energy, an independent power producer backed by Actis, has secured up to €90 million in debt financing from the International Finance Corporation (IFC) and Raiffeisen Bank International to support the construction of the ‘St. George’ solar park in north-eastern Bulgaria.
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.
4 July 2024
Bekaert and Rezolv Energy sign 100 GWh wind Power Purchase Agreement in Romania
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.
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.