Rezolv Energy, through its project subsidiary First Looks Solutions, has secured a decade-long virtual power purchase agreement (VPPA) in Romania with steel wire technology provider Bekaert.
The deal is one of the largest PPAs in central and southeastern Europe.
Bekaert will procure 100 gigawatt hours (GWh) of renewable power annually from the VIFOR wind farm, developed by Rezolv and Low Carbon.
The initiative will cut Bekaert's carbon emissions by more than 41,000 tonnes each year, aligning with its "Creating a better tomorrow" sustainability strategy and science-based targets initiative (SBTi) goals.
The VIFOR wind farm is located in the county of Buzău near the Carpathian Mountains. The first phase will have 192MW capacity, expanding to 461MW during the second phase.
The farm will generate sufficient energy to power 270,000 homes, reducing CO₂ emissions by 540,000 tonnes annually.
The construction of VIFOR is expected to conclude within 18 months, with operations commencing before the end of 2025.
The project will be pivotal in transitioning the region away from fossil fuels and towards meeting Romania's climate objectives.
Bekaert VP for commodities Michael Hamilton stated: "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."
Rezolv Energy CEO Alastair Hammond stated: "We are proud to be contributing to Bekaert’s decarbonisation objectives through this VPPA. By signing it, 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 more of the widespread corporate demand for clean power."
In June 2024 Rezolv Energy and Low Carbon, via First Looks Solutions, appointed Vestas as the engineering, procurement and construction partner for VIFOR's initial phase.
