& Low Carbon sign finance facilities for up to €291 million to build the VIFOR wind farm in Romania —
Summary
The consortium of eight lenders was 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.This landmark transaction is the first financing for Rezolv Energy, which was launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, to build a multi-gigawatt portfolio of onshore wind and solar parks in Central and Southeastern Europe.Phase 1 of the VIFOR project will install 192MW in capacity underpinned by five landmark commercial power purchase agreements (PPAs). A planned expansion to 461MW will take place in Phase 2.Once fully operational, VIFOR, which is located in Buzu County, north-east of Bucharest, will be one of Europes 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. The project will support Romania in meeting its climate targets and play an important role in the regions energy transition.In approving the loans, the banks acknowledged Rezolvs commitment to sustainability, which has been built on industry best practice and aligns with international standards, including the Equator Principles and IFCs Performance Standards on Environmental and Social Sustainability. Their support is recognition of the vital role of large-scale projects like VIFOR in the energy transition in Southeastern Europe.