The VPPAs will see the three firms buy 100GWh of clean power per year for 12 years. T-Mobile Czech Republic has secured 50GWh per year, Slovak Telekom 40GWh per year and CE Colo Czech Republic 10GWh per year.
A Significant Milestone in Renewable Energy
The VPPAs represent a significant step forward in Central & Southeastern Europe, where most previous PPAs have been physical agreements requiring the buyer and producer to be in the same or neighbouring countries with connected grids. In contrast, a VPPA is a financial arrangement where the buyer receives certificates verifying that the energy came from a specific renewable source, with the clean power being fed into the grid.
The VIFOR Wind Farm
Once operational, VIFOR will be one of Europe's largest onshore wind farms. 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. 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.
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.
It will also be built to the highest international sustainability standards to ensure that it leaves a lasting, positive legacy.
Last week, finance loan facilities of up to €291 million were secured to support the Phase 1 construction from a consortium of eight lenders led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, as well as the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania. Pavel Hadrbolec, CFO, T-Mobile Czech Republic and Slovak Telekom, said: “We are proud to became an enabler of a new renewable energy site and became a frontrunner in this area. This is a further step in our decarbonisation journey. The deal also brings us relevant risk diversification to our energy procurement strategy and energy prices hedging.”
Alastair Hammond, CEO, Rezolv Energy, said: “The VIFOR project will play a significant role in Romania's energy transition, and these cross-border PPAs are an important signal to the business community across the region. They do not need to wait for renewable energy capacity to start coming onstream in volume in their home market – they can be supplied from Romanian projects. These agreements will enable Phase 1 of this project, but Phase 2 will make a further 700GWh available per year. The widespread corporate demand for green electricity can therefore be met now.”
Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, commented: “Actis launched Rezolv Energy to deliver a new era of clean, sustainable energy in Central and Southeastern Europe. This VPPA demonstrates how Rezolv is leading the CEE market, offering innovative solutions to help corporates decarbonise while meeting their energy needs. Rezolv's renewable power projects are making a tangible difference and accelerating the energy transition in the region.”
Rezolv Energy was launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, and already has well over 2GW of clean energy being prepared for construction in South Eastern Europe. As well as the VIFOR wind farm, projects include Dama Solar in western Romania which, at 1,044MW, will be the largest solar plant anywhere in Europe once it is built, the 600MW Dunarea East & West Wind Farms in Romania's Constanța County, and St. George, a 229MW solar project in north-eastern Bulgaria.
