Rezolv Energy signs landmark cross-border VPPA for its giant wind park Vifor

Etem Gestamp will reduce the environmental footprint of its operations in Bulgaria by procuring clean power from Rezolv Energy’s 461 MW Vifor wind farm in Romania. It is the first publicly announced cross-border wind power purchase agreement in Bulgaria.

Actis-backed independent power producer Rezolv Energy said it has signed a 10-year virtual power purchase agreement, VPPA, in Bulgaria with Etem Gestamp. The client, Sofia-based joint venture between metals conglomerate Viohalco Group and Gestamp Group from Spain, will buy electricity from the 461 MW Vifor wind farm in Buzău county, Romania. Etem Gestamp is focused on aluminium extrusion and processing for the automotive industry.

Vifor is about to come onstream, Rezolv noted. It is the first publicly announced cross-border wind power purchase agreement in Bulgaria, the company said.

Etem Gestamp combining photovoltaics with wind power supply to balance consumption profile

The agreement is Rezolv Energy’s first power purchase agreement (PPA) of 2026 and Etem Gestamp’s third PPA overall. In 2022, the client signed a 10-year deal to buy 100% of the electricity produced by a solar power plant that was still under construction in Bulgaria. It was the first PPA in Bulgaria in which an industrial consumer of electricity agreed to buy all of the green electricity produced by a solar plant.

The new wind VPPA with Rezolv Energy complements the supply of solar power, allowing Etem Gestamp to balance its electricity consumption profile.

The joint venture expects that by 2027, around 70% of its energy mix will come from renewable sources

The agreement reinforces the buyer’s commitment to transforming its industrial processes and advancing towards more sustainable production, with a strong emphasis on electrification, energy efficiency, and the use of renewable energy sources, according to the update. The company expects that by 2027, around 70% of its energy mix will come from renewable sources.

“This agreement represents an important milestone in Etem Gestamp’s decarbonisation journey. We selected Rezolv Energy because of its strong regional presence, industry-leading approach to sustainability, and ability to provide long-term, reliable access to clean power. We also felt a strong sense of trust and alignment with the Rezolv Energy team as a long-term partner. The VPPA enables us to secure price stability while significantly reducing the carbon footprint of our operations in Bulgaria,” said Etem Gestamp’s Business Services Director Nikolay Stoynov.

Rezolv Energy’s second PPA with automotive industry

The deal is Rezolv Energy’s seventh PPA in Romania and Bulgaria, and the second with a company from the automotive sector. The company has a 10-year VPPA for Vifor with Belgium-based Bekaert. It manufactures steel wires and applies coatings, and has a substantial presence in the automotive industry. Rezolv Energy has also signed one with A2A.

“Etem Gestamp should be applauded for its willingness to adopt innovative approaches to clean power procurement. With wind capacity still limited in Bulgaria, the cross-border VPPA model provides a way for Bulgarian companies to access wind power from other countries in Southeastern Europe and help accelerate the energy transition in the region. Etem Gestamp has shown the way for other commercial and industrial energy buyers in Bulgaria,” Chief Executive Officer of Rezolv Energy Alastair Hammond said.

In addition, Rezolv Energy has PPAs with T-Mobile Czech Republic, Slovak Telekom, and Ardagh Glass Packaging-Europe.

Vifor has CfD from renewable energy auction

Once fully operational, Vifor will be one of Europe’s largest onshore wind farms. Close to the Carpathian mountains and with exceptional wind yields, the facility would generate enough clean energy to power more than 270,000 homes and will avoid emissions of 540,000 tonnes of carbon dioxide equivalent per year, the company pointed out.

The project will benefit from a contract for difference (CfD) from a Romanian renewable energy auction.

Rezolv Energy said it has a 2.3 GW portfolio of large-scale wind farms and solar parks in Romania and Bulgaria. It includes St. George, a photovoltaic system under construction in Bulgaria.

Of note, Mubadala Investment Company, a sovereign wealth fund of Abu Dhabi, has committed EUR 300 million last year to a joint venture with Actis.

One year ago, Eurowind Energy signed a virtual PPA with Autoliv for the Pecineaga wind park in Romania, highlighting the role of renewables in the decarbonization of the automotive sector.