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Belgium

Rezolv Energy in 100 GWh/year vPPA deal with Bekaert

Jul 4, 2024, 1:35:22 PMArticle by Alexandru Cristea
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July 4 (SeeNews) - Central and Southeast Europe-focused renewable energy producer Rezolv Energy said on Thursday that it has signed a 10-year virtual Power Purchase Agreement (vPPA) with Belgium-based steel wire transformation and coatings company Bekaert for 100 GWh of green electricity per year.

Rezolv Energy in 100 GWh/year vPPA deal with Bekaert

The power will be sourced from Rezolv’s and UK investment company Low Carbon’s 461 MW Vifor wind farm in Romania’s southeastern county of Buzau, with the vPPA enabling the construction of the first phase of the project, Rezolv said in a press release.

Bekaert's acquisition of 100 GWh of additional renewable energy per year will lead to the reduction of CO2 emissions by over 41,000 tonnes annually.

Unlike power purchase agreements (PPAs) which require connected grids and proximity between the buyer and the producer, vPPAs are financial arrangements whereby the buyer receives certificates which guarantee that the energy comes from a specific renewable source.

Recently, Rezolv Energy signed 12-year cross-border vPPAs with three companies of Deutsche Telekom Group for a total of 100 GWh of clean power per year, to be sourced from the Vifor wind farm. The initial phase will bring the installed capacity of the Vifor project to 192 MW, before expanding to 461 MW in the second phase. Once operational, the Vifor wind farm will be able to power over 270,000 homes with clean energy, reducing CO2 emissions by approximately 540,000 tonnes.

Last month, Rezolv and Low Carbon secured loan facilities of up to 291 million euro ($312.1 million) for the construction of the first phase of the Vifor wind farm. The two companies partnered with Danish turbine manufacturer Vestas to install 30 wind turbines of 6.4 MW each. Romanian power infrastructure company Electromontaj also won a tender which will see it partner with Vestas for the design and execution of connections to the national grid of the Vifor wind farm.

Established and backed by UK infrastructure investor Actis, Rezolv Energy has well over 2 GW of clean energy being prepared for construction in Southeastern Europe. Besides the Vifor wind farm, projects include the 1,044 MW Dama Solar park in western Romania, the 600 MW Dunarea East & West Wind Farms in Romania’s Constanta County, and St. George, a 229 MW solar project in northeastern Bulgaria.

($ = 0.9295 euro)

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