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Rezolv Energy, Low Carbon secure funding for 192 MW wind farm

Jun 13, 2024, 4:02:00 PMArticle by Alexandru Cristea
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June 13 (SeeNews) - Central and Southeast Europe-focused renewable energy producer Rezolv Energy and UK investment company Low Carbon have secured loan facilities of up to 291 million euro ($314.5 million) for the construction of a 192 MW wind farm in Romania's southeastern county of Buzau, Rezolv said on Thursday.

Rezolv Energy, Low Carbon secure funding for 192 MW wind farm
Rezolv Energy’s Chirnogeni wind farm in Romania. Source: Rezolv Energy

The loans were granted by a consortium of eight lenders led by Erste Group, UniCredit Group, and the European Bank for Reconstruction and Development (EBRD), Rezolv Energy said in a press release. The consortium also included the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG, and Garanti BBVA Romania.

The financing will cover the first phase of Rezolv and Low Carbon's VIFOR wind farm, which involves the installation of 192 MW of power generation capacity. This first phase is scheduled to be completed within eighteen months, with the wind park to become operational by the end of 2025. A planned second phase will see the capacity of the wind farm expand to 461 MW.

Once fully operational, the VIFOR wind farm will generate enough green energy to power over 270,000 households and will reduce carbon dioxide emissions by around 540,000 tonnes a year, as per the statement.

Low Carbon invests in both renewable energy developers and projects in the solar, wind, energy storage, waste-to-energy and energy efficiency sectors.

Established 18 months ago by UK infrastructure investor Actis, Rezolv Energy has more than 2 GW of ready-to-build clean energy projects in Southeast Europe, including the 1,044 MW Dama Solar park in Romania.

($ = 0.9254 euro)

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