Rezolv Energy has acquired from the Monsson Group the rights to build and operate a 1044MW solar photovoltaic plant in Arad County in western Romania.
Once constructed, it is expected to be the largest solar PV plant in Europe. The project is in the late-stage development phase.
Rezolv Energy is already appraising technology solutions and debt financing options, with construction due to start in the first half of next year and it is expected to be online by 2025.
The plant will be covered by approximately 1.6 million new solar panels.
With an average annual power generation of approximately 1,500,000 MWh, the plant is expected to be able to provide clean power for more than 370,000 households.
The power will be sold to commercial and industrial users through long-term PPAs.
The project will be designed, constructed, and operated to the highest environmental, social and governance (ESG) standards, with an emphasis on integrating symbiotic agricultural activities on the site.
Much of the poor-quality agricultural land will be transformed to pasture, with sheep managing the vegetation through grazing.
Recent research from the United States has shown the numerous advantages of this approach, confirming that the overall return from grazing is the same in both solar pastures and open fields with no PV panels.
The project will also incorporate beekeeping and other measures to increase biodiversity.
Rezolv Energy was launched earlier this year by Actis and the Rezolv leadership team, which had previously developed and run a portfolio of energy projects in Central and South-Eastern Europe.
Last month, the company announced that it was partnering with Low Carbon to deliver another major renewable energy project in Romania: the 450MW Vis Viva onshore wind farm.