Rezolv Energy, an independent power producer in Central and Southeastern Europe backed by Actis, has inked a 10-year Virtual Power Purchase Agreement (VPPA) in Romania with Bekaert, a global leader in steel wire transformation and coating technologies, through their project subsidiary First Looks Solutions S.R.L.

Source: Rezolv Energy

This agreement, one of the largest PPAs in the region, will see Bekaert purchasing 100 GWh of additional renewable power annually, leading to a reduction of over 41,000 tonnes of CO2e emissions. The power will be sourced from the 'VIFOR' wind farm, a 461MW project developed by Rezolv and Low Carbon in Buzău County, Romania.

Bekaert's commitment to sustainability is evident through the PPA, aligning with their strategy "Creating a better tomorrow". By engaging in renewable energy projects like the VPPA in Romania, Bekaert is working towards increasing its renewable energy supply and meeting its carbon footprint reduction targets as per its validated SBTi goals.

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.

Michael Hamilton, VP Commodities, Bekaert

About the VIFOR Wind Farm

VIFOR, once operational, will stand as one of Europe's largest onshore wind farms. Situated near the Carpathian Mountains, the project benefits from high wind yields, with the capacity to power over 270,000 households and prevent around 540,000 tonnes of CO2e emissions annually. The first phase will install 192MW, with plans for expansion to 461MW in phase 2. Construction is set to finish within 18 months, aiming for VIFOR to be operational before the end of 2025.

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 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.

Alastair Hammond, CEO, Rezolv Energy

With a historical dependence on fossil fuels for energy needs in the region, transitioning to renewables like the VIFOR project will have a significant positive impact on emissions reduction. This initiative will play a vital role in the region's energy transition, supporting Romania in achieving its climate objectives, all while adhering to the highest international sustainability standards to leave a lasting positive impact.