Rezolv Energy and Low Carbon secure €291 million for wind farm in Romania
Rezolv Energy and Low Carbon, through their subsidiary First Looks Solutions S.R.L., have secured loan facilities of up to 291 million euros to finance the first construction phase of the VIFOR wind farm in Romania.
| Sectors | Wind Energy, Onshore |
|---|---|
| Themes | Investments & Transactions, Financing, Project Development |
| Companies | Actis |
| Countries | Bulgaria, Romania |
The consortium of eight lenders, led by Erste Group, UniCredit Group, and the European Bank for Reconstruction and Development, also includes the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG, and Garanti BBVA Romania. This massive financial support underlines the confidence of financial institutions in the viability and economic potential of the VIFOR project.
Leading investors involved
The financing of the VIFOR project is the first major operation for Rezolv Energy, a company set up 18 months ago by Actis, a global investor specializing in sustainable infrastructure. The first phase of the project aims to install 192MW of capacity, with five commercial power purchase agreements (PPAs) already in place. Construction should be completed within 18 months, with commissioning scheduled before the end of 2025. An expansion to 461MW is planned for the second phase of the project.
The VIFOR wind farm, located in the county of Buzău, will be one of the largest onshore wind farms in Europe once fully operational. This initiative plays a crucial role in Rezolv Energy’s strategy to develop substantial renewable energy capacity in the region. Many private players are investing in wind power in Romania, as demonstrated by the construction of two wind farms by Axpo.
Economic impact and strategic partnerships
The participation of renowned financial institutions reflects the strategic importance of the project for the energy sector in Romania and beyond. Rezolv Energy, backed by Actis, aims to build a multi-gigawatt portfolio of wind and solar farms in Central and Southeastern Europe. The commitment of partner banks such as IFC and Erste Group is a strong indicator of the solidity and growth potential of Rezolv’s projects.
In addition to VIFOR, Rezolv Energy is working on several other major projects in the region, including Dama Solar in western Romania, which will become Europe’s largest solar power plant with a capacity of 1,044MW, the 600MW Dunarea East & West wind farms in Constanța County, and the St. Moritz solar project in Romania. George 229MW in Bulgaria. These initiatives are crucial to strengthening Rezolv Energy’s position in the European renewable energy market.
Rezolv Energy’s commitment to large-scale projects with strong financial partners is a clear sign of their growth strategy and ability to deliver complex projects. Investors and industry stakeholders are keeping a close eye on developments in these projects, which promise to transform the region’s energy landscape.
