Prague, 19 June 2024: T-Mobile Czech Republic, Slovak Telekom and CE Colo Czech Republic, all part of the Deutsche Telekom Group, have signed cross-border virtual Power Purchase Agreements (VPPAs) with Actis-backed Rezolv Energy, the Prague-headquartered renewable energy producer. These are the first cross-border VPPAs that have been signed by Czech or Slovak companies. The power will come from the 461MW ‘VIFOR’ wind farm, which has been developed by Rezolv and Low Carbon in Buzău County, Romania, with the VPPAs enabling the construction of the first phase of the project. In the second phase, a further 700GWh per year will be available for corporate buyers.

The VPPAs will see the three firms buy 100GWh of clean power per year for 12 years. T-Mobile Czech Republic has secured 50GWh per year, Slovak Telekom 40GWh per year and CE Colo Czech Republic 10GWh per year.

A Significant Milestone in Renewable Energy

The VPPAs represent a significant step forward in Central & Southeastern Europe, where most previous PPAs have been physical agreements requiring the buyer and producer to be in the same or neighbouring countries with connected grids. In contrast, a VPPA is a financial arrangement where the buyer receives certificates verifying that the energy came from a specific renewable source, with the clean power being fed into the grid.

About the VIFOR Wind Farm

Once 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 more than 270,000 homes and will avoid approximately 540,000 tonnes of CO2e annually. 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.

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.

It will also be built to the highest international sustainability standards to ensure that it leaves a lasting, positive legacy.

Last week, finance loan facilities of up to €291 million were secured to support the Phase 1 construction from a consortium of eight lenders led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, as well as the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania.

Pavel Hadrbolec, CFO, T-Mobile Czech Republic and Slovak Telekom, said: “We are proud to became an enabler of a new renewable energy site and became a frontrunner in this area. This is a further step in our decarbonisation journey. The deal also brings us relevant risk diversification to our energy procurement strategy and energy prices hedging.”

Alastair Hammond, CEO, Rezolv Energy, said: “These are the first cross-border virtual PPAs that have been signed by Czech or Slovak companies, and they are an important signal to other businesses in these two countries. They do not need to wait for renewable energy capacity to start coming onstream in volume in their home market. These agreements will enable Phase 1 of this project, but Phase 2 will make a further 700GWh available per year. The widespread corporate demand for green electricity can therefore be met now.”

Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, commented: “Actis launched Rezolv Energy to deliver a new era of clean, sustainable energy in Central and Southeastern Europe. This VPPA demonstrates how Rezolv is leading the CEE market, offering innovative solutions to help corporates decarbonise while meeting their energy needs. Rezolv’s renewable power projects are making a tangible difference and accelerating the energy transition in the region.”

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 South Eastern 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.

Bucharest, 17 June 2024: Actis-backed Rezolv Energy and Low Carbon, through their project subsidiary First Looks Solutions S.R.L., have selected Vestas as the engineering, procurement and construction (EPC) partner for the first phase of the ‘VIFOR’ wind farm in Buzău County, Romania. Phase 1 will install 192MW in capacity, with planned expansion to 461MW in Phase 2.

The first phase of the VIFOR project will involve the installation of 30 EnVentus Vestas V162 wind turbines, each with a capacity of 6.4MW. The turbines have a tower height of 166 metres and a rotor diameter of 162 metres. 

Once 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 more than 270,000 homes and will avoid approximately 540,000 tonnes of CO2e annually. The project will support Romania in meeting its climate targets and play an important role in the region’s energy transition.

Last month, the Romanian Energy Regulatory Authority (ANRE) issued the setting-up authorisation for the first phase of the VIFOR project. This was the final approval required.  Construction is scheduled to be completed within 18 months, with VIFOR coming onstream before the end of 2025. 

Vestas’ role as EPC partner will involve working alongside Rezolv and Low Carbon to implement the Environmental and Social Management Plan for VIFOR. Rezolv’s sustainability strategy has been built on industry best practice and aligns with international standards, including the Equator Principles and the International Finance Corporation (IFC)’s Performance Standards on Environmental and Social Sustainability. One of its pillars is striving to ensure that each of its renewable energy plants supports flourishing and sustainable ecosystems. 

In addition to the environmental benefits, VIFOR will create local jobs during both the construction and operational phases, deliver economic benefits, and support community initiatives in Buzău County aimed at ensuring that the project leaves a lasting, positive legacy for local people.

Last week, finance loan facilities of up to €291 million were secured to support the Phase 1 construction from a consortium of eight lenders led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, as well as the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania. Phase 1 is also underpinned by five landmark commercial power purchase agreements (PPAs). 

Alastair Hammond, CEO, Rezolv Energy, said: “The VIFOR wind farm will play a significant role in reducing Romania’s dependence on fossil fuels, enhancing the country’s energy security and improving air quality. Vestas, as the world’s largest wind turbine manufacturer and with the greatest number of MWs installed in the region, is a natural partner for this, the first large wind farm in the CEE/SEE region in the past 10 years. Crucially, Vestas also shares our commitment to the responsible and sustainable development of renewable energy projects, which made them a natural choice for VIFOR.”

Martin Langham, Managing Director at Low Carbon said: “We are delighted to reach this major milestone in the development of the VIFOR wind project, which is a result of the tireless efforts of the team and our Rezolv partners over several years. The EPC agreement with the leading wind turbine manufacturer, Vestas, will be one of the largest contracts of its kind in Europe reinforcing our track record for delivering clean energy infrastructure on this scale. Furthermore, the project will play a key role helping Romania to decarbonise its electricity grid and accelerate the energy transition in Eastern Europe.”

Nils de Baar, President of Vestas Northern and Central Europe, said: “VIFOR will become one of the largest onshore wind projects in the region, contributing significantly to Romania’s energy transition ambitions. Vestas is pleased to deliver this order as a turnkey project, and our thanks go to our partners for the great collaboration and their trust in our industry leading technology.”

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 South Eastern 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.

Bucharest, 13 June: Rezolv Energy and Low Carbon, through their project subsidiary First Looks Solutions S.R.L., have secured finance loan facilities of up to €291 million to support the Phase 1 construction of the ‘VIFOR’ wind farm, a major project located in Romania.

The financing received resounding support by the financing community. The consortium of eight lenders was led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, as well as the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania.

This landmark transaction is the first financing for Rezolv Energy, which was 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.

Phase 1 of the VIFOR project will install 192MW in capacity underpinned by five landmark commercial power purchase agreements (PPAs). Construction is scheduled to be completed within 18 months, with the wind farm coming onstream before the end of 2025. A planned expansion to 461MW will take place in Phase 2.

Once fully operational, VIFOR, which is located in Buzău County, north-east of Bucharest, 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 more than 270,000 homes and will avoid approximately 540,000 tonnes of CO2e annually. The project will support Romania in meeting its climate targets and play an important role in the region’s energy transition.

In approving the loans, the banks acknowledged Rezolv’s commitment to sustainability, which has been built on industry best practice and aligns with international standards, including the Equator Principles and IFC’s Performance Standards on Environmental and Social Sustainability. One of its pillars is striving to ensure that each of its renewable energy plants supports flourishing and sustainable ecosystems.

In addition to the environmental benefits, VIFOR will create local jobs both during construction and operation, deliver economic benefits to the local community, and support community initiatives in Buzău County aimed at ensuring that the project leaves a lasting, positive legacy for local people.

Alastair Hammond, CEO, Rezolv Energy, said: “We are 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. They are also a response to our sustainability strategy, which is designed to ensure that we set a standard for the responsible development of renewable energy projects in this region which others will be inspired to follow. That was an important factor for all of the banks.”

Rezolv 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.