Rezolv, Low Carbon announce 600MW of new onshore wind capacity in Romania

Rezolv Energy, an independent clean energy power producer focused on sustainable power in Central and South Eastern Europe, is partnering with Low Carbon to construct two onshore wind farms in Romania with a capacity of up to 600MW.

Sharing the same grid connection point, the projects are principally located in the communes of Adamclisi and Deleni in Constanța county. Together they will form one of Europe’s largest onshore wind farms.

The sites will benefit from the region’s exceptional natural wind resources, flat terrain, and energy interconnection. It is anticipated that the wind farms will generate enough clean energy to power more than 332,000 homes and avoid approximately 220,000 tonnes of CO2 annually, making a significant contribution both to Romania’s and the European Union’s environmental targets for 2030 and 2050.

Low Carbon, a leading renewable energy investment and asset management company and a certified B Corp, first entered the transaction with local developers and Nero Renewables NV. Rezolv has now acquired a 51% stake in the projects, which are expected to reach financial close by H2 2023.

Rezolv will also build the 450MW Vis Viva wind farm south of Buzău and a 1,044 MW solar photovoltaic plant in Arad County, which is expected to be the largest solar PV plant anywhere in Europe. Taken together, the company will deliver more than 1GW of wind energy and more than 1GW of solar energy in Romania, enough to power 974,000 homes.

“Companies and governments around the world are increasingly favoring the adoption of clean, cost-effective, and quick-to-build renewable energy. With over 2GW of renewables now in development in Romania, we are proud to play a crucial role in diversifying and increasing the security of supply, while reducing the country’s dependence on non-renewable energy sources,” said Jim Campion, Chief Executive at Rezolv.

Rezolv launched earlier this year, backed by EUR 500 million from Actis, a leading global investor in sustainable infrastructure. The company aims to build a multi-gigawatt portfolio of wind, solar, and energy storage across Central and South Eastern Europe, taking renewable energy projects from late-stage development through construction and into long-term operation. It will provide subsidy-free clean energy at a long-term, stable price for commercial and industrial users, and other off-takers, operating across the region.

“With wind and solar power set to provide two-thirds of global power generation by 2050 in long-term Paris-compliant energy scenarios, our latest project is set to make an important contribution to the continent’s energy transition and its ambitious net-zero targets,” added Roy Bedlow, Chief Executive at Low Carbon.