Bekaert, a world leader in steel wire processing and coatings, and Rezolv Energy, an Actis-supported independent power producer in Central and South-Eastern Europe, have recently signed a virtual power purchase agreement (VPPA) in Romania. This 10-year contract, carried out via their project subsidiary First Looks Solutions S.R.L., represents one of the largest agreements of its kind in the region. Bekaert will purchase an additional 100 GWh of renewable energy per year, strengthening its renewable energy supply.
VIFOR Project details
The energy will come from the 461 MW VIFOR wind farm developed by Rezolv Energy and Low Carbon in Buzău County, Romania. Once operational, the wind farm will be one of the largest onshore wind farms in Europe. The first phase of the project will add 192 MW of capacity, with a planned expansion to 461 MW in phase 2. Construction should be completed within 18 months, with commissioning scheduled before the end of 2025.
Economic and energy impact
The project will play a key role in diversifying the region’s energy mix, traditionally dominated by fossil fuels. By increasing renewable energy production capacity, this agreement helps to secure a stable, long-term energy supply for Bekaert. It also illustrates the growing importance of renewable energies in the energy strategies of major industrial companies.
Outlook for Bekaert and Rezolv Energy
Michael Hamilton, vice-president of commodities at Bekaert, said the agreement strengthens their energy portfolio and demonstrates their strategy of integrating renewable energy sources into their operations. Alastair Hammond, CEO of Rezolv Energy, added that this agreement facilitates the realization of the first phase of the VIFOR project, meeting the growing demand for clean energy from businesses. This agreement between Bekaert and Rezolv Energy represents a significant step forward in securing renewable energy supplies for industry, while supporting both companies’ strategic energy diversification objectives.
