Rezolv Energy has signed a virtual power purchase agreement with Italian company A2A for electricity produced by the Vifor wind farm in Romania.
The VPPA provides for the purchase of 150GWh per year of renewable energy and is the sixth VPPA Rezolv has signed since June.
Together, the VPPAs concluded by Rezolv equate to 460GWh per year.
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.
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.
Rezolv Energy chief executive Alastair Hammond 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.”
Partner and head of Central and Eastern Europe, energy infrastructure at Actis Jaroslava Korpanec said: “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 and already has well over 2GW of clean energy being prepared for construction in south eastern Europe.