Rezolv Energy secures major renewable energy deal with Bekaert in Romania

Rezolv Energy, an Actis-backed independent power producer in Central and Southeastern Europe, has reached a significant agreement through its subsidiary First Looks Solutions S.R.L.. The company signed a 10-year Virtual Power Purchase Agreement (VPPA) with Bekaert, a global leader in steel wire transformation and coating technologies. This landmark deal, one of the largest Power Purchase Agreements (PPAs) in the region, commits Bekaert to purchasing 100 GWh of renewable power annually from the forthcoming 461MW ‘VIFOR’ wind farm in Buzău County, Romania, developed by Rezolv and Low Carbon. This initiative will cut Bekaert’s annual emissions by over 41,000 tonnes of CO2 equivalent.

The agreement aligns with Bekaert’s sustainability strategy titled “Creating a better tomorrow,” which emphasizes positive impacts through sustainable solutions and building a diverse and inclusive future. The VPPA will significantly boost Bekaert’s renewable energy supply, aligning with its Science-Based Targets initiative (SBTi) goals. The VIFOR wind farm, poised to be one of Europe’s largest onshore wind facilities, is advantageously located near the Carpathian Mountains, an area known for excellent wind yields. Once fully operational, VIFOR will power over 270,000 homes and reduce approximately 540,000 tonnes of CO2e annually. The first phase of the project aims to establish 192MW of capacity, with a future expansion to 461MW planned in the second phase. Construction is on track to be completed within 18 months, with the wind farm expected to be operational by the end of 2025.

Michael Hamilton, VP Commodities at Bekaert, expressed enthusiasm about the project: “We are delighted to sign this exciting project in Romania with Rezolv. This agreement not only enhances our existing renewable energy portfolio but also exemplifies our commitment to sustainability and creating value for all of our stakeholders. By integrating renewable energy sources into our operations, we are taking significant steps towards a greener future for our company and the customers we serve.”

Alastair Hammond, CEO of Rezolv Energy, also commented on the partnership’s impact: “We are proud to be contributing to Bekaert’s decarbonization objectives through this VPPA. By signing it, Bekaert is also enabling the first phase of the VIFOR project, a large-scale wind farm which will play a significant role in Romania’s energy transition. Phase 2 will help us meet even more of the widespread corporate demand for clean power.”

This strategic partnership marks a critical step in the region’s transition from fossil fuels to renewable energy, significantly enhancing Romania’s capability to meet its climate targets while adhering to the highest international sustainability standards. The VIFOR project is set to leave a lasting, positive legacy on the region’s ecological footprint.