Rezolv Energy intends to install the largest photovoltaic plant in Europe as it joined a 1.04 GW project developed by Monsson. The site is in Arad in Romania’s west.
Romania is rushing to boost its wind and solar power capacity to meet tight deadlines for European funding, increase energy independence from Russia, mitigate the effects of the global energy crisis and decarbonize its economy. With sufficient progress, the country can even statistically transfer some of its renewable energy share to other European Union member states.
Investors have recognized the opportunity and projects keep piling up. They are also set to benefit from an upcoming contracts for difference (CfDs) mechanism. The government is reportedly developing the scheme for up to 3.5 GW in solar and onshore wind power with the aim to complete it by the end of the year.
The giant solar park with storage will deliver electricity to commercial and industrial consumers through PPA agreements
The latest in a string of news on massive deals and projects is Rezolv Energy’s agreement to acquire late-stage development rights for a planned 1.04 GW photovoltaic park with a storage system in Arad county from Monsson. It would currently be the largest solar power plant in Europe. Of note, a facility with a nameplate capacity of 1.35 GW is about to be finished in Turkey’s Konya province in Asia Minor.
According to the joint statement, Monsson, controlled by Swedish-Monégasque businessman Emanuel Muntmark, will continue to have a role in the project in Romania’s west. The two companies said they have big plans for retraining people in the area and involving the local workforce in the construction.
The developers have the ambition to get the 1.04 GW facility online in 2025
The beginning of the works is scheduled for June, with an ambition to get the solar park online in 2025. The investors revealed it would include an energy storage system. The electricity is planned to be sold to commercial and industrial consumers through long-term power purchase agreements.
The developers pointed out that much of the low-quality agricultural land would be converted to pasture to control vegetation.
Rezolv Energy said it is evaluating technology solutions and loan financing options for the endeavor. Two months ago, the company bought 51% in the Vis Viva wind power project of 450 MW in Buzău county from Low Carbon, based in the United Kingdom.
Rezolv Energy was established only this year, backed by EUR 500 million from British investment fund Actis.