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Low Carbon and Rezolv gain €291m for 461MW complex

RICHARD HEAP

June 13, 2024

Low Carbon and Rezolv Energy have gained €291m funding for the 192MW first phase of the 461MW Vifor onshore wind complex in Romania.

The pair have secured funds for the first phase of the development near Buzau, Romania, from a consortium of Erste Group, the European Bank for Reconstruction & Development, Garanti BBVA Romania, the International Finance Corporation, Intesa Sanpaolo, OTP Bank, Raiffeisen Bank, and UniCredit Group. Rezolv is a subsidiary of Actis.

Construction on the first phrase is due to start imminently and conclude by the end of 2025.

Jan Viton, financing and M&A director at Rezolv, 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 among a wide spectrum of financial institutions, and we are delighted to have established a core group of lenders including IFC, which we hope to continue to call upon in the future as we deliver our pipeline of renewables projects across the region.”

Martin Langham, managing director at Low Carbon, said: “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 in supporting Romania’s efforts to decarbonise its electricity grid.”

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