close
close

Rezolv Energy signs 10-year VPPA with Bekaert in Romania

Posted on by darion

VIFOR is expected to be completed within 18 months. Source: Mike from Pixabay.

Rezolv Energy, through its subsidiary First Looks Solutions, has entered into a ten-year Virtual Power Purchase Agreement (VPPA) in Romania with steel wire technology supplier Bekaert.

The transaction is one of the largest PPAs in Central and South-Eastern Europe.

Bekaert will source 100 gigawatt-hours (GWh) of renewable energy annually from the VIFOR wind farm, developed by Rezolv and Low Carbon.

This initiative will enable Bekaert to reduce its carbon dioxide emissions by more than 41,000 tonnes per year, which is in line with its sustainability strategy “Creating a Better Tomorrow” and the objectives of the Science-Based Targets Initiative (SBTi).

The VIFOR wind farm is located in Buzău County near the Carpathians. The first phase will have a capacity of 192 MW, and in the second phase it will be expanded to 461 MW.

The farm will generate enough electricity to power 270,000 homes, reducing CO₂ emissions by 540,000 tonnes a year.

Get access to the most comprehensive company profiles on the market, powered by GlobalData. Save hours of research. Gain a competitive advantage.

Company Profile – Free Sample

Your download email will arrive shortly

We are confident in the exceptional quality of our company profiles. However, we want you to make the best decision for your business, which is why we offer a free sample that you can download by submitting the form below

By GlobalData







Please visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information about your rights in relation to your personal data and how you can opt out of future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address provided is your corporate email address.

VIFOR is scheduled to be completed within 18 months, with operations expected to commence before the end of 2025.

This project will be crucial to transition the region away from fossil fuels and align it with Romania’s climate goals.

Bekaert Commodities Vice President Michael Hamilton said: “We are delighted to have signed this exciting project in Romania with Rezolv. This agreement not only strengthens our existing renewable energy portfolio, but also exemplifies our commitment to sustainability and creating value for all our stakeholders. By integrating renewable energy into our operations, we are taking significant steps towards a greener future for our company and the customers we serve.”

Rezolv Energy CEO Alastair Hammond stated: “We are proud to be contributing to Bekaert’s decarbonisation goals through this VPPA. By signing this agreement, Bekaert is also enabling the first phase of the VIFOR project, a large-scale wind farm that will play a significant role in Romania’s energy transition. Phase 2 will help us meet even greater corporate demand for clean energy across the board.”

In June 2024, Rezolv Energy and Low Carbon, through First Looks Solutions, selected Vestas as their engineering, procurement and construction partner for the initial phase of the VIFOR project.