Rezolv Energy, one of the biggest investors in renewable energy in Romania, has obtained the establishment authorization, the final permit, for the Dama Solar project of 1.24 GW in peak capacity. The facility in the country’s northwest would be the largest of its kind in Europe.
The Romanian Energy Regulatory Authority (ANRE) has issued the so-called establishment or setup authorization to special purpose vehicle West Power Investments, Profit.ro reported. It is the crucial milestone for Europe’s biggest PV project. The project firm, controlled by Rezolv Energy, is responsible for the Dama Solar endeavor, at a site in Arad province near the border with Hungary.
According to previous updates, the photovoltaic facility would have 1.24 GW – or as much as 1.3 GW – in peak capacity, and a a 1.07 GW grid connection. The location of 1,064 hectares is on the territory of the communes of Pilu and Grăniceri.
Rezolv Energy has CfDs for 520 MW
ANRE issues establishment authorizations when developers prove they have the necessary financing.
Earlier, the World Bank Group’s International Finance Corp. (IFC) was considering a EUR 107 million loan for the project, the media outlet noted. The developer was hoping that the European Bank for Reconstruction and Development (EBRD) would come on board, too.
The giant solar power plant needs to enter commercial operation by September 2030
The company won state support last year in the form of contracts for difference (CfDs) for a 520 MW segment of the Dama Solar project. At Romania’s renewable energy auction, it bid EUR 42.2 per MWh, on a rounded basis, under two equal lots.
The documentation included a target commissioning date of September 2028 and the start of commercial operation in September 2030, the article reads.
Rezolv Energy has indicated that it may add a battery energy storage system (BESS). Notably, it is the largest beneficiary from government tenders for renewable electricity, with 971.2 MW out of 4.6 GW.
Dama Solar is worth EUR 520 million
Dama Solar was initiated by Monsson. It later sold it to Rezolv Energy, which operates under infrastructure asset manager Actis, majority-owned by private equity firm General Atlantic.
Mubadala Investment Co., a sovereign wealth fund of Abu Dhabi, recently invested EUR 300 million in a joint venture with Actis that runs Rezolv Energy.
The photovoltaic project in Arad is valued at EUR 520 million, compared to previous estimates of EUR 800 million to EUR 1 billion.
Enery set to conquer Europe’s PV throne first – also in Romania
Europe’s largest PV plant is Witznitz in Germany’s east. It has 650 MW in peak capacity. There is also an 850 MW cluster of 17 units in Spain, called Escatrón-Chiprana-Samper Solar Farm.
If the Asian part of Turkey is included, Kalyon Karapınar is at the top of the list. It has 1.35 GW in peak capacity and a 1 GW grid connection. Already one of the largest in the world outside China, the solar park is due for expansion into a complex of 1.85 GW in peak capacity.
Of note, Enery is building a 761 MW photovoltaic plant in Ogrezeni, just west of the Romanian capital Bucharest. The company obtained a grid connection approval for 534 MW in 2023. The investment includes a 534 MW battery energy storage system (BESS), with more than 1 GWh in planned capacity. It would currently make it the largest such hybrid facility in Europe, but also in both categories separately.
