Rezolv Energy and Low Carbon have secured finance loan facilities of up to €291m to support the phase one construction of the Vifor wind project in Romania.
Phase one of the Vifor project will install 192MW in capacity underpinned by five 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 the second phase.
The financing, secured through the pair’s project vehicle First Looks Solutions, is from a consortium of eight lenders.
The consortium comprises Erste Group, UniCredit Group and the European Bank for Reconstruction and Development (EBRD), 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, an investor in sustainable infrastructure, to build a multi-GW portfolio of onshore wind and solar parks in central and south-eastern Europe.
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.”