UK investors partner to develop second-biggest onshore wind farm in Romania
Low Carbon, a UK-based renewable energy company, links up with independent energy producer Rezolv Energy to develop Vis Visa onshore wind farm in Romania.
Located in Buzău in the historical region of Muntenia, the 450MW wind farm will be the second largest in the country behind the Fântânele-Cogealac, representing a big deal in the two companies' efforts to produce sustainable power in Central and South Eastern Europe.
After stewarding the project since 2020, the wind farm is expected to reach financial close by the first half of 2023.
"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," says Roy Bedlow, Chief Executive at Low Carbon, in a press release.
Once operational, the wind farm will have the capacity to supply 272,000 homes and avoid approximately 180,000 tonnes of CO2e each year, enough to supply for Iași and Cluj-Napoca combined, using the International Finance Institution (IFI) Methodological Approach for the Common Default Grid Emission Factor Dataset.
Despite being a newcomer, Rezolv, which was launched by London-based Actis, owns up to 51% stake in the project, and it's not their first foray into Romania. In addition to their well-expanded portfolio in Central Europe, Rezolv possesses another wind farm in Chirnogeni right in the southeastern part of the country.
In the long run, the Vis Viva wind farm is expected to partake significantly in the European Union's environmental targets for 2030 and 2050 and its shift to clean energy.
"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," Jim Campion, Chief Executive, Rezolv Energy, adds to the statement.
(Photo source: Rezolv Energy)
