Rezolv Energy and Low Carbon receive financing for Romanian wind

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 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 192 MW 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 461 MW will take place in Phase 2.

Once fully operational, VIFOR, which is located in Buzau 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 tpy of carbon dioxide equivalent. 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 Buzau County aimed at ensuring that the project leaves a lasting, positive legacy for local people.

“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,” said Alastair Hammond, CEO, Rezolv Energy.

Rezolv already has well over 2 GW 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 1044 MW, will be the largest solar plant anywhere in Europe once it is built, the 600 MW Dunarea East & West Wind Farms in Romania’s Constan?a County, and St. George, a 229MW solar project in north-eastern Bulgaria.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

Read the article online at: https://www.energyglobal.com/wind/17062024/rezolv-energy-and-low-carbon-receive-financing-for-romanian-wind/