Supporting renewable investments in Romania
Summary
First stage of Vifor wind project will generate over 550 GWh of renewable energy a yearThe European Bank for Reconstruction and Development (EBRD) is lending 32 million, as part of a 291 million financing package, to build and operate a 192 MW onshore wind farm in Romania, the first phase of a large wind farm with total capacity of 461 MW to be built in Buzau region in the southeast of the country (the Project"). The remainder of the financing for Vifor wind farm will come from other financial institutions.The wind farm will be owned by First Look Solutions S.A., a Romanian special purpose vehicle jointly owned by Prague-based Rezolv Energy SA and London-based Low Carbon, both investment companies with extensive experience in complex sustainable infrastructure assets worldwide. The Project is expected to benefit from an unprecedented three power purchase agreements, and given the size, it will play an important part in boosting Romanias renewables pathway to 2030.Rezolv Energys Jan Viton, Financing and M&A Director, said: This is a truly landmark project and the first one Rezolv Energy brings to financial close. We are very proud at the interest this financing has generated amongst a wide spectrum of financial institutions, and we are delighted with the cooperation and relationship we have developed with EBRD in bringing this financing to such a successful close.Martin Langham, Managing Director at Low Carbon said: We are delighted to be partnering with EBRD on VIFOR, who will play a crucial role in its establishment by helping to unlock capital to finance the project. Once built, VIFOR will be one of the largest wind projects in Eastern Europe and reinforces our track record of working with institutional investors to deliver large-scale renewable infrastructure, while playing a key role supporting Romanias efforts to decarbonise its electricity grid.The EBRD, a leader in climate finance, has to date invested almost 11 billion in 525 projects in Romania.
Funding
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