Resolv Energy, independent power producer supported by Actis in Central and South Eastern Europe, through its project subsidiary First Looks Solutions S.R.L., has signed a 10-year virtual power purchase agreement (VPPA) in Romania with Bekaert, the leader globally in steel wire transformation and surface coating technologies.
This is one of the largest Power Purchase Agreements (PPAs) ever signed in the region.
The agreement provides for Bekaert to purchase 100 GWh of additional renewable energy per year, reducing emissions by more than 41,000 tons of CO2 per year. The energy will come from the VIFOR wind farm, with a capacity of 461 MW, developed by Rezolv and Low Carbon in Buzau County, Romania.
The Power Purchase Agreement (PPA) represents a new milestone in Bekaert’s sustainability strategy “Creating a better future”.
From making a positive impact with its sustainable solutions and practices to building a diverse and inclusive future, Bekaert aims to contribute to a better life and create added value for all its partners. Through renewable energy projects such as this VPPA in Romania, Bekaert increases the proportion of renewable energy it supplies, reducing its carbon footprint according to the assumed SBTi objectives.
About the VIFOR wind farm
Once operational, VIFOR will be one of the largest onshore wind farms in Europe. Close to the Carpathian Mountains and benefiting from exceptional wind yields, the project will generate enough clean energy to power more than 270,000 homes and avoid the production of approximately 540,000 tonnes of CO2e annually. Phase 1 of the project sees the installation of 192 MW of capacity, with an expansion to 461 MW planned in Phase 2. Construction is scheduled to be completed within 18 months, with VIFOR expected to become operational before the end of 2025. In a region that has traditionally relied on fossil fuels for most of its energy needs, replacing fossil fuel production with renewable energy has the greatest impact on reducing emissions.
The project will therefore play a crucial role in the region’s energy transition and support Romania in achieving its climate goals. The project will also be developed according to the highest international sustainability standards to leave a positive and lasting legacy.
Michael Hamilton, Vice President of Commodities, Bekaert, said: “We are delighted to sign this exciting project in Romania with Resolv. This agreement not only enhances our existing renewable energy portfolio, but also exemplifies our commitment to sustainability and value creation for all our partners. By integrating renewable energy sources into our operations, we are taking significant steps toward a greener future for our company and the customers we serve.” Alastair Hammond, CEO of Rezolv Energy, said: “We are proud to contribute to Bekaert’s decarbonisation goals through this virtual power purchase agreement (VPPA). By signing it, Bekaert also contributes to the completion of the first phase of the VIFOR project, a large-scale wind farm that will play a significant role in Romania’s energy transition. Phase two will further help us meet the growing demand for clean energy from corporations.”
About Bekaert
Bekaert’s objective is to become a leading partner in shaping the way we live and move, namely in a safe, smart and sustainable way. As a global technology and market leader in materials science, steel wire transformation and surface coating technologies, Bekaert (bekaert.com) leverages its expertise beyond this niche to create new solutions with materials and innovative services for markets including smart mobility, low-carbon construction and green energy. Founded in 1880 and headquartered in Belgium, Bekaert (Euronext Brussels, BEKB) is a global company whose 24,000 employees worldwide generated combined sales of €5.3 billion in 2023.
About Resolv Energy
Resolv is an independent producer of renewable energy with extensive experience. We offer clean, subsidy-free energy at a stable long-term price to industrial and commercial users and other buyers in Central and South-Eastern Europe. Building on a 15-year legacy in clean energy, we take renewable energy projects – wind, solar and storage – from the advanced development stage through to construction and long-term operation. With long-term investment support from Actis, one of the world’s leading energy investors, we are building a multi-GW portfolio that will help companies and countries meet their current and future energy goals.
About Actis
Actis is a leading global investor in sustainable infrastructure that delivers competitive returns for institutional investors and measurable positive impact for the countries, cities and communities in which it operates. Actis invests in structural objectives that support long-term equitable growth in defensive and critical infrastructures within the energy transition, digitalization transition and supply chain transformation. The firm’s decades of global experience, operational know-how and strong culture enable it to create global leaders in sustainability at scale. Since its founding, Actis has raised $25 billion to invest in a better future. Actis is a signatory to the UN-backed Principles for Responsible Investment (UNPRI), an investor initiative developed by UNEP FI. The firm has consistently received the highest score in the independent UNPRI assessment. More here: www.act.is
