Low Carbon and Rezolv Energy, 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 financing banks was led by Erste Bank, UniCredit International Bank and the European Bank for Reconstruction and Development, joined by the International Finance Corporation, Intesa Sanpaolo, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA.
Phase 1 of the Vifor project will install 192MW in capacity underpinned by three 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 will be one of Europe’s largest onshore wind farms, covering a total area of 2,869 hectares in Buzau County, north-east of Bucharest. 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 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 Buzau County aimed at ensuring that the project leaves a lasting, positive legacy for local people.
Martin Langham, Managing Director at Low Carbon Investment Management, said: “Once built, Vifor will be one of the largest wind projects in Eastern Europe and reinforces our track record of working with institutional investors to deliver large-scale renewable infrastructure, while playing a key role supporting Romania’s efforts to decarbonise its electricity grid."
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 South Eastern 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.”
As well as the Vifor Wind Farm, Low Carbon and Rezolv Energy are working together to develop the 600MW Dunarea East & West Wind Farms in Romania’s Constan?a County.
