Business Forum • 27 September, 2024 at 2:49 PM
A2A, an Italian group active in the energy, water and environment sectors, has signed a 7-year Virtual Power Purchase Agreement (VPPA) with Rezolv Energy, an independent power producer backed by Actis. The agreement provides for the purchase of 150 GWh per year of renewable energy, with the electricity generated by Rezolv's VIFOR wind farm in Buzău County, Romania.
The renewable energy generated, which could power around 73,000 households annually, will help avoid almost 63,000 tonnes of CO2 emissions. This is the sixth VPPA that Rezolv has signed since June. Together, the VPPAs that Rezolv has now concluded equate to 460 GWh per year – more PPA capacity than any other developer has secured in South Eastern Europe.
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 – according to the highest international sustainability standards.
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.
Alastair Hammond, CEO of Rezolv Energy, 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. In this case, we can simultaneously contribute to decarbonisation objectives and help Romania meet its climate targets. It's a win-win.”
Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, commented: “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, a leading global investor in sustainable infrastructure, and already has well over 2GW of clean energy being prepared for construction in Southeastern 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.