Low Carbon has announced that it is collaborating with Rezolv Energy, an independent clean energy power producer focused on sustainable power in Central and South-Eastern Europe, to deliver a 450MW onshore wind farm in Romania. The deal represents one of the renewable energy investment manager’s largest projects to date by energy output.
The Vis Viva wind farm will be located south of Buzau. Once operational, it will be the second largest wind farm in Romania – behind only the Fantanele-Cogealac wind farm – and one of the largest onshore wind farms anywhere in Europe. It has the capacity to generate sufficient clean energy to power more than 272,000 homes, equivalent to Iasi and Cluj-Napoca combined, with some significant capacity to spare. This quantity of clean energy would also avoid approximately 180,000 tonnes of CO2e each year.
Rezolv, recently launched by Actis – a leading global investor in sustainable infrastructure – has acquired a 51% stake in the project. Although Rezolv is newly formed, its leadership team has previously developed and run a portfolio of energy projects in Central and South-Eastern Europe, including the Chirnogeni wind farm in south-eastern Romania.
The Vis Viva wind farm will benefit from the region’s exceptional natural wind resources, flat terrain, and energy interconnection, making a significant contribution to the European Union’s environmental targets for 2030 and 2050 as the bloc seeks to expedite its transition to clean energy.
It is the first foray into Romania for Low Carbon and marks the latest addition to the company’s growing international portfolio, underpinning the renewable energy investor’s commitment to scaling-up via growth into Europe and selected global markets. Low Carbon has been stewarding the Vis Viva project since 2020, when the investor first entered the transaction with local developers and Nero Renewables NV.
The Vis Viva wind farm is expected to reach financial close by 1H 2023.
“As Europe seeks to accelerate its renewable energy production, the Vis Viva wind farm will make an important contribution to the continent’s energy transition and its pursuit of net-zero emissions. The 450MW capacity of the project also marks a significant milestone for Low Carbon, as we seek to build 20GW of renewable energy capacity and achieve net-zero by 2030. We are pleased that Rezolv Energy chose to collaborate with Low Carbon for its first energy transaction in Europe. Our two companies share a commitment to generating sustainable investments at scale for the benefit of future generations, and we look forward to working with them to provide millions with clean and affordable wind energy,” commenting on the deal, Roy Bedlow, Chief Executive at Low Carbon, said.
“Rising energy costs, heightened security concerns, demand to meet climate targets, and stakeholder expectations, are causing a rethink on energy usage – and production. Today, private companies, as well as public utilities, are finding their traditional reliance on fossil fuels far less viable. The Vis Viva project will play a major role in accelerating this transition in Romania, whilst providing long-term, stably priced electricity to commercial and industrial consumers across the region,” Jim Campion, Chief Executive, Rezolv Energy, added.
About Low Carbon
Low Carbon is a leading renewable energy investment and asset management company committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy, and energy efficiency. Low Carbon, a certified B Corp, has a proven track record in the development, construction, financing, and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. With a significant international renewable energy pipeline in development, Low Carbon are well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.
Rezolv is a highly experienced, independent renewable energy producer. They 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, Rezolv takes 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, they are building a multi-GW portfolio that will help companies and countries meet their energy needs today and in the future.
Actis is a leading global investor in sustainable infrastructure. They deliver competitive returns for institutional investors and measurable positive impact for countries, cities, and communities in which they operate. Actis’ global experience, operational knowhow and strong culture allow them to create global sustainability leaders. Since inception, Actis has raised US$24 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 and the UN Global Compact. The firm has consistently been awarded the highest rating score in the UN Principles for Responsible Investment (PRI) independent assessment.