Rezolv Energy expands renewables portfolio in Romania to 2 GW

Companies Rezolv Energy and Low Carbon said they would build two wind farms in Romania with up to 600 MW in combined capacity.

Rezolv was established in August 2020, backed by EUR 500 million from Actis, a global investor in sustainable infrastructure. It is focused on investments in Central and South Eastern Europe. Low Carbon is an investment and asset management company founded in 2011 in the United Kingdom.

Sharing the same grid connection point, the two new wind farms will be located in the communes of Adamclisi and Deleni in Romania’s Constanța county. According to the companies, the sites have exceptional wind resources, flat terrain, and an energy interconnection.

It is the second joint project of the two companies

Low Carbon has been stewarding the Adamclisi and Deleni projects since 2020, in a deal with local developers and Nero Renewables NV. Rezolv, based in Prague, has now acquired a 51% stake in the projects, which are expected to reach a financial close during the second half of 2023, the companies said.

It is the second joint project of the two companies. They earlier said they would build a 450 MW wind farm called Vis Viva.

The wind farms will generate enough clean energy to power more than 332,000 homes and avoid approximately 220,000 tonnes of CO2 annually, the companies said.

The wind farms will generate enough clean energy to power more than 332,000 homes

Rezolv also has a solar farm project of 1,044 MW in Arad. The company said that it manages a portfolio of 2 GW in a late stage of development.

Helping region to increase security of supply

Jim Campion, Chief Executive at Rezolv Energy, said that with over 2 GW of renewables now in development, the company would play a crucial role in diversifying and increasing the security of supply, while reducing Central and Eastern Europe’s dependence on non-renewable energy sources.

According to Roy Bedlow, Chief Executive at Low Carbon, the Adamclisi and Deleni projects will also make a significant contribution to the firm’s own ambition to build 20 GW of new renewable energy capacity and achieve net zero by the end of the decade.

The announcement demonstrates Actis’s commitment to back Rezolv’s ambition to build a multi-gigawatt portfolio of wind, solar and energy generation over the next few years, said Jaroslava Korpanec, Partner and Head of Central and Eastern Europe at the company.