Renewables

Rezolv secures EUR 291 million loan for Vifor wind farm in Romania

Rezolv secures EUR 191 million loan for Vifor wind farm in Romania

Photo: Rezolv

Published

June 14, 2024

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Published:

June 14, 2024

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Rezolv Energy and Low Carbon have obtained finance loan facilities of up to EUR 291 million to support the construction of a Phase 1 of the Vifor wind farm in Romanian Buzău County, north-east of Bucharest.

The consortium of eight banks financing the project is led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, together with the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania.

The beneficiary of the loans is First Looks Solutions S.R.L., project subsidiary of Rezolv Energy and Low Carbon.

“This landmark transaction is the first financing for Rezolv Energy, launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, to build a multi-gigawatt portfolio of onshore wind and solar parks in Central and Southeastern Europe,” Rezolv Energy said.

Once fully operational, Vifor will be one of Europe’s largest onshore wind farms

The capacity of the Phase 1 of the Vifor project will be 192 MW and it is supported by five commercial power purchase agreements (PPAs). Construction is scheduled to be completed within 18 months, with the wind farm coming online before the end of 2025. Phase 2 will increase the capacity to 461 MW.

According to Rezolv, once fully operational, Vifor will be one of Europe’s largest onshore wind farms. Close to the Carpathian Mountains and benefiting from exceptional wind yields, the project will generate enough clean energy to power over 270,000 homes and it will avoid the production of approximately 540,000 tonnes of CO2e annually, the firm noted.

Rezolv has over 2 GW of clean energy being prepared for construction

Alastair Hammond, the Rezolv Energy CEO, said that the firm is delighted to have secured this support from such a prestigious group of supranational lending partners, regional commercial lenders and local banks.

“Their support is recognition of the vital role of large-scale projects like Vifor in the energy transition in Southeastern Europe,” he added.

Rezolv already has well over 2 GW of clean energy being prepared for construction in Southeastern Europe.

As well as the Vifor wind farm, projects include Dama Solar in western Romania which, at 1,044MW, will be the largest solar plant anywhere in Europe once it is built, the 600 MW Dunarea East & West wind farms in Romania’s Constanța County, and St. George, a 229 MW solar project in north-eastern Bulgaria.

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