Bucharest, 26 September 2024 – A2A, an Italian group active in the energy, water and environment sectors, has signed a 7-year Virtual Power Purchase Agreement (VPPA) with Rezolv Energy, an independent power producer backed by Actis. The agreement provides for the purchase of 150 GWh per year of renewable energy, with the electricity generated by Rezolv’s VIFOR wind farm in Buzău County, Romania.
The renewable energy generated, which could power around 73,000 households annually, will help avoid almost 63,000 tonnes of CO2 emissions.
This is the sixth VPPA that Rezolv has signed since June. Together, the VPPAs that Rezolv has now concluded equate to 460 GWh per year – more PPA capacity than any other developer has secured in South Eastern Europe.
Once operational, VIFOR will be one of Europe’s largest onshore wind farms. Close to the Carpathian Mountains and benefiting from exceptional wind yields, Phase 1 will install 192MW in capacity with planned expansion to 461MW in phase 2. Construction is scheduled to be completed within 18 months, with VIFOR coming onstream before the end of 2025. The project is being developed by Rezolv – through its subsidiary First Looks Solutions – according to the highest international sustainability standards.
In a region which has historically relied on fossil fuels for most of its energy needs, replacing fossil production with renewables delivers the maximum possible emissions reduction impact. The project will therefore play a crucial role in the region’s energy transition and support Romania in meeting its climate targets.
Alastair Hammond, CEO of Rezolv Energy, said: “Virtual Power Purchase Agreements are still a relatively new concept in South Eastern Europe but they are becoming an increasingly important facilitator of the energy transition. In this case, we can simultaneously contribute to decarbonisation objectives and help Romania meet its climate targets. It’s a win-win.”
Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, commented: “The momentum around Rezolv’s VIFOR wind farm in Romania continues with yet another VPPA signing. Once again, this demonstrates the strong demand for clean, renewable energy that exists in the C&I market as businesses look to decarbonise and meet their net zero targets. Congratulations to the Rezolv team for getting these agreements over the line while powering on with the development of its projects.”
Rezolv Energy was launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, and already has well over 2GW 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 600MW Dunarea East & West Wind Farms in Romania’s Constanța County, and St. George, a 229MW solar project in north-eastern Bulgaria.
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About Rezolv Energy
Rezolv is a highly experienced, independent renewable energy producer. We provide subsidy-free clean energy at a long-term, stable price for industrial and commercial users, and other off-takers, operating across Central and South Eastern Europe.
Built on a heritage of 15 years in clean energy, we take renewable projects – wind, solar and storage – from late-stage development through construction and into long-term operation.
With long-term investment backing from Actis, one of the world’s foremost energy investors, we are building a multi-GW portfolio that will help companies and countries meet their energy needs today and in the future.
For more information, please visit: Rezolv.Energy
About Actis
Actis is a leading global investor in sustainable infrastructure, delivering competitive returns for institutional investors and measurable positive impact for the countries, cities and communities in which it operates. Actis invests in structural themes that support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalization transition, and supply chain transformation.
The firm’s decades of global experience, operational know-how and strong culture allows it to create global sustainability leaders at scale. Since inception, Actis has raised $25 billion to invest in a better tomorrow. Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI. The firm has consistently been awarded the highest rating score in the UNPRI independent assessment.
You can learn more about Actis at www.act.is
FOR FURTHER INFORMATION:
Ben Petter
Tel.: +420 774 103 457
Email: bpetter@lomond-group.com
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