Rezolv Energy acquires rights to develop Bulgaria’s largest solar plant
- The 165-hectare, 229 MW installed capacity plant, acquired from YGY Industries JSC, will be situated in Silistra Municipality in north-eastern Bulgaria
- Named ‘St. George’, the plant is expected to be online in early 2025; its installed capacity will be equivalent to 13% of Bulgaria’s current solar energy production
- Rezolv Energy already owns more than 2GW of clean energy being prepared for construction in Romania, including what will be Europe’s largest solar project
Rezolv Energy, an independent renewable energy producer focused on Central and Southeastern Europe, has acquired the rights to build and operate a 229 MW solar plant in Silistra Municipality in north-eastern Bulgaria. Named ‘St. George’, construction is due to start before the end of this year; the plant is expected to be completed in early 2025. Once constructed, it will be the largest solar plant in Bulgaria.
Rezolv has acquired the project from Bulgarian company YGY Industries JSC, owned by Mr. Yavor Georgiev.
St. George will be built on the site of the former Silistra airport, a decommissioned airfield covering 165 hectares. The project will comprise nearly 400,000 solar panels. With an average annual power generation of 313 Gigawatt hours (GWh), it will produce the equivalent of 13% of Bulgaria’s currently-installed solar power.
The plant will be connected to the main 110 kV transmission grid via two independent connection lines totalling about 6 kilometres in length. The power will be sold to commercial and industrial users through long-term Power Purchase Agreements.
The project will create a large number of new jobs in the construction phase. Approximately 500 Full Time Equivalent (FTE) employees will be hired, both for light assembly – which is work suitable for men and women, on both a full-time and part-time basis – and highly-skilled engineering roles. Longer term, the power plant will provide local employment for skilled and semi-skilled labour throughout the 30 plus years of operation.
St. George will be designed, constructed, and operated to the highest environmental, social and governance (ESG) standards.
Rezolv Energy was launched last year by Actis, a leading global investor in sustainable infrastructure. Rezolv already has more than 2GW of clean energy being prepared for construction in Romania, including the 1,044 MW Dama Solar project, which will become the largest solar plant in Europe once it is operational.
“Solar will make up almost 13% of Bulgaria’s total installed capacity this year, and estimates suggest that close to 6GW of solar power will be generated by 2030. We are very proud that St. George will be such a major part of that growth story. It will help Bulgaria meet its renewable energy targets and contribute to its energy independence. Crucially, for the business sector, it will also enable us to provide highly competitive, subsidy-free clean power at a stable price for industrial and commercial users right across the country.”
– Alastair Hammond, Chief Operating Officer
“Rezolv continues to go from strength to strength and we are delighted to be funding its investment in such an important project. Actis’ ambition is to make a substantial contribution to the Energy Transition in this region through major, large-scale projects which are constructed and operated to the highest sustainability standards. St. George is exactly the kind of project we had in mind when we took the decision to back Rezolv.”
– Jaroslava Korpanec, Partner and Head of Central & Eastern Europe at Actis
Rezolv announces 600MW of new onshore wind capacity in Romania
- New Adamclisi & Deleni wind farms will create one of Europe’s largest onshore wind projects
- Project is Rezolv’s third major deal since launching in August 2022
- Rezolv now has more than 2GW of wind and solar power in development
Rezolv Energy, an independent clean energy power producer focused on sustainable power in Central and South Eastern Europe, has announced its third significant deal since it was established in August 2022.
In partnership with Low Carbon, Rezolv will construct two onshore wind farms in Romania with a combined capacity of up to 600MW. Together with Rezolv’s recently announced 450MW Vis Viva wind farm and 1,044MW Arad solar farm, the business now has more than 2GW of renewable energy projects in late-stage development.
Sharing the same grid connection point, the two new wind farms will be located in the communes of Adamclisi & Deleni in Romania’s Constanta county. The sites will benefit from the region’s exceptional natural wind resources, flat terrain, and energy interconnection. Once operational, the wind farms will generate enough clean energy to power more than 332,000 homes and avoid approximately 220,000 tonnes of CO2e annually, making a significant contribution to both Romania’s and the European Union’s environmental targets for 2030 and 2050.
Low Carbon has been stewarding the Adamclisi & Deleni projects since 2020, when the investor first entered the transaction with local developers and Nero Renewables NV. Rezolv has now acquired a 51% stake in the projects, which are expected to reach financial close during the second half of 2023.
Rezolv launched earlier this year, backed by €500m from Actis, a leading global investor in sustainable infrastructure. The company aims to build a multi-gigawatt portfolio of wind, solar and energy storage across Central and South Eastern Europe, taking renewable energy projects from late-stage development through construction and into long-term operation. It will provide subsidy-free clean energy at a long-term, stable price for commercial and industrial users, and other off-takers, operating across the region.
“Companies and governments around the world are increasingly favouring the adoption of clean, cost-effective and quick-to-build renewable energy. With over 2GW of renewables now in development, we are proud to play a crucial role diversifying and increasing security of supply, while reducing central and eastern Europe’s dependence on non-renewable energy sources.”
– Jim Campion, Chief Executive, Rezolv Energy
“The central role of renewable energy in mitigating climate change is undeniable, and was a focal point of the recent COP27 summit in Sharm el-Sheikh. With wind and solar power set to provide two-thirds of global power generation by 2050 in long-term Paris-compliant energy scenarios, our latest project is set to make an important contribution to the continent’s energy transition, and its ambitious net-zero targets. The Adamclisi & Deleni projects will also make a significant contribution to Low Carbon’s own ambition to build 20GW of new renewable energy capacity, and achieve net zero, by the end of the decade.
We are delighted to deliver the project in partnership with Rezolv Energy, as part of our shared commitment to generating sustainable investments at scale for the benefit of future generations.”
– Roy Bedlow, Chief Executive at Low Carbon
“This announcement demonstrates our commitment to back Rezolv’s ambition to build a multi-gigawatt portfolio of wind, solar and energy generation over the next few years, helping companies and communities across the region meet their energy needs through clean, renewable energy generation that supports Net Zero targets.”
– Jaroslava Korpanec, Partner and Head of Central & Eastern Europe at Actis
Rezolv acquires rights to develop Europe's largest ever solar photovoltaic plant
- Actis backed Rezolv Energy was launched earlier this year to build a new era of sustainable power in Central and South-Eastern Europe
- 1,044 MW plant, acquired from Monsson, will be situated in western Romania
- Plant expected to be online by 2025, providing clean power to more than 370,000 households
- Potential to integrate symbiotic agricultural activities, including sheep grazing and beekeeping
Rezolv Energy, an independent clean energy power producer focused on sustainable power in Central and South Eastern Europe, has acquired from the Monsson Group the rights to build and operate a 1,044 MW solar photovoltaic plant in Arad County in western Romania. Once constructed, it is expected to be the largest solar PV plant in Europe.
The project is already in the late-stage development phase. Rezolv Energy is already appraising technology solutions and debt financing options with construction due to start in the first half of next year; it is expected to be online by 2025.
The plant will be covered by approximately 1.6 million new solar panels. With an average annual power generation of approximately 1,500,000 MWh, it is expected to be able to provide clean power for more than 370,000 households. The power will be sold to commercial and industrial users through long-term Power Purchase Agreements.
The project will be connected to the 400 kV high voltage overhead lines in the area and will likely include a 135 MW battery storage system, capable of delivering electricity for four hours. This will enable the high voltage lines to be smartly loaded, balancing the variability of the renewable energy supply.
The project will provide a large number of new jobs. During construction, at least 500 Full Time Equivalent (FTE) employees will be hired for a two-year period, both for light assembly – which is work suitable for men and women, on both a full-time and part-time basis – and highly-skilled engineering roles. At least 30 FTE employees will then stay on for the lifetime of the project. There will also be a focus on delivering training and skills development programmes for local communities in and around the project.
The project will be designed, constructed, and operated to the highest environmental, social and governance (ESG) standards, with a particular emphasis on integrating symbiotic agricultural activities on the site. Much of the poor-quality agricultural land will be returned to pasture, with sheep managing the vegetation through grazing. Recent research from the United States has shown the numerous advantages of this approach, confirming that the overall return from grazing is the same in both solar pastures and open fields with no PV panels. The project will also seek to incorporate beekeeping and other measures to increase biodiversity.
Rezolv Energy was launched earlier this year by Actis, a leading global investor in sustainable infrastructure, and the Rezolv leadership team, which had previously developed and run a portfolio of energy projects in Central and South Eastern Europe. Last month, the company announced that it was partnering with Low Carbon to deliver another major renewable energy project in Romania: the 450MW ‘Vis Viva’ onshore wind farm.
“We are moving into a new era for renewable energy in Europe. Projects like this will give us the scale to provide highly competitive, subsidy-free clean power at a stable price for industrial and commercial users. It will also make a significant contribution to Europe’s twin objectives of increasing its energy independence and reducing its net emissions to zero.”
– Jim Campion, Chief Executive, Rezolv Energy
“This transaction illustrates the scale of Actis’ ambition to invest in the Energy Transition across the world in general and in the CEE region in particular. At a time when energy security needs are driving faster adoption of renewable energy, we are excited to be funding Rezolv’s investment in Europe’s largest ever solar photovoltaic plant, expected to provide clean power to more than 370,000 households and constructed and operated to the highest sustainability standards. This transaction follows Rezolv’s announcement in September to deliver a 450MW wind farm in Romania, and we are working closely with Rezolv on further renewable energy investments which we hope to announce in early 2023.”
– Jaroslava Korpanec, Partner and Head of Central & Eastern Europe at Actis
Clifford Chance acted as legal advisor to Rezolv Energy on this transaction.
Rezolv launches to build a new era of sustainable power in Central and South Eastern Europe
- Independent clean energy power producer built on 15 years of experience
- Backed by €500m from Actis, a leading global investor in sustainable infrastructure
- Rezolv acquires late-stage development rights to 1GW of wind power in the region
Rezolv Energy, the independent clean energy power producer established to build a new era of sustainable power in Central and South Eastern Europe, has officially launched today.
Backed by €500m from Actis, a leading global investor in sustainable infrastructure, the company will provide subsidy-free clean energy at a long-term, stable price for commercial and industrial users, and other off-takers, operating across the region. This will include supermarkets, breweries, telecoms and other large businesses.
Rezolv aims to build a multi-gigawatt portfolio of wind, solar and energy storage. This will help companies and countries across the region meet their energy needs in response to energy security challenges and climate policies. It will take renewable energy projects from late-stage development through construction and into long-term operation.
At launch, Rezolv has signed agreements to acquire development rights to two wind projects in the Central and South Eastern Europe region with a combined capacity of 1GW. Construction contracts are expected to be awarded early next year, with the projects expected to be operational by 2025-2026.
The newly formed company is built on 15 years of clean energy heritage in the region. Its leadership team previously developed the largest wind farm at the time in both Croatia and the Czech Republic, and the largest independent wind farm in Romania.
“Rising energy costs, heightened security concerns, demand to meet climate targets, and stakeholder expectations, are causing a rethink on energy usage – and production. Today, private companies, as well as public utilities, are finding their traditional reliance on fossil fuels far less viable. Renewable sources of energy are ready to take the lead and Rezolv has been created to accelerate the energy transition. Our experience, combined with long-term investment from one of the world’s foremost energy investors, gives us the financial strength and experience to solve problems and accelerate large scale renewable projects across Central and South Eastern Europe.
As part of its strategy, Rezolv is also committed to upholding the very highest environmental, social and governance (ESG) standards. The company’s plan includes ensuring it leaves a lasting, positive legacy in each community where it invests and operates. Projects will adhere to best practice and international standards including the Equator Principles and the IFC’s Environmental and Social Performance Standards.”
— Jim Campion, Chief Executive, Rezolv
“Our model creates benefits for both the end-users of power, but also the communities where power is generated. We are developing long- term investment programmes hand-in-hand with communities. This ensures a positive legacy nationally, as well as locally, from the growth of renewables.”
— Alastair Hammond, Chief Operating Officer, Rezolv
“This announcement is an exciting moment for Actis as we sign our first Energy Infrastructure investment in Central and South Eastern Europe, with the ambition of building and operating a market-leading renewable energy platform. Our investment in the region strongly aligns with our strategy to build sustainability leaders where we find opportunities to support the Energy Transition, especially important as energy security needs drive faster adoption of renewable energy.”
— Lucy Heintz, Partner, Head of Energy Infrastructure, Actis