Low Carbon has announced it is collaborating with Rezolv Energy to deliver a 450MW onshore wind farm in Romania.
The Vis Viva wind farm will be located to the east of the Romanian capital Bucharest and once operational will be one of Europe’s largest onshore wind farms.
Independent renewable energy producer Rezolv Energy, recently launched by leading global investor in sustainable infrastructure Actis, has acquired a 51% stake in the project.
The Vis Viva wind farm will benefit from the region’s exceptional natural wind resources, flat terrain and energy interconnection, making a significant contribution to the European Union’s environmental targets for 2030 and 2050.
It is anticipated that the Vis Viva wind farm will generate enough clean energy to power more than 270,000 homes and avoid approximately 180,000 tonnes of CO2e annually.
The project is the first foray into Romania for Low Carbon and marks the latest addition to the company’s growing international portfolio, underpinning the renewable energy investor’s commitment to scaling-up via growth into Europe and selected global markets.
Low Carbon has been stewarding the Vis Viva project since 2020, when the investor first entered the transaction with local developers and Nero Renewables NV.
The Vis Viva wind farm is expected to reach financial close by the first half of 2023.
Roy Bedlow, chief executive at Low Carbon, said: “As Europe seeks to accelerate its renewable energy production, the Vis Viva wind farm will make an important contribution to the continent’s energy transition and its pursuit of net zero emissions.
“The 450MW capacity of the project also marks a significant milestone for Low Carbon, as we seek to build 20GW of renewable energy capacity and achieve net zero by 2030.
“We are pleased that Rezolv Energy chose to collaborate with Low Carbon for its first energy transaction in Europe. Our two companies share a commitment to generating sustainable investments at scale for the benefit of future generations, and we look forward to working with them to provide millions with clean and affordable wind energy.”
Jim Campion, chief executive of Rezolv, added: “Rising energy costs, heightened security concerns, demand to meet climate targets, and stakeholder expectations, are causing a rethink on energy usage – and production. Today, private companies, as well as public utilities, are finding their traditional reliance on fossil fuels far less viable.
“The Vis Viva project will play a major role in accelerating this transition in Romania, whilst providing long-term, stably priced electricity to commercial and industrial consumers across the region.”