Combined capacity of the new projects will form one of Europe’s largest onshore wind farms.
Low Carbon, the global renewable energy company, has announced that it will be constructing two onshore wind farms in Romania with a capacity of up to 600 MW. Delivered in partnership with Actis-backed Rezolv Energy, the combined capacity of the projects will form one of Europe’s largest onshore wind farms.
Sharing the same grid connection point, the projects are principally located in the communes of Adamclisi and Deleni in Constanta county. The sites will benefit from the region’s exceptional natural wind resources, flat terrain and energy interconnection.
It is anticipated that the wind farms will generate enough clean energy to power more than 332,000 homes and avoid approximately 220,000 tons of CO2 emissions annually, making a significant contribution to the European Union’s environmental targets for 2030 and 2050 as the bloc seeks to expedite its transition to clean energy.
The latest deal is the second foray into Romania for Low Carbon, underpinning the company’s ambition to create 20 GW of new renewable energy capacity by 2030. It follows the recent announcement of the 450 MW Vis Viva wind farm, bringing the renewable energy company’s projects in Romania to a total of 1 GW of clean energy capacity, enough to power more than 600,000 homes.
The projects have been launched in partnership with Rezolv Energy, an independent clean energy power producer focused on sustainable power in Central and South Eastern Europe. Recently launched by Actis, a leading global investor in sustainable infrastructure, Rezolv has acquired a 51% stake in the project.
Low Carbon has been stewarding the Adamclisi, Deleni and Vis Viva projects since 2020, when the investor first entered the transaction with local developers and Nero Renewables NV. The Adamclisi and Deleni projects are expected to reach financial close by the second half of 2023.
Commenting on the deal, Roy Bedlow, chief executive at Low Carbon, said: “The central role of renewable energy in mitigating climate change is undeniable and was a focal point of the recent COP27 summit in Sharm el-Sheikh.
“With wind and solar power set to provide two-thirds of global power generation by 2050 in long-term Paris-compliant energy scenarios, our latest project is set to make an important contribution to the continent’s energy transition and its ambitious net-zero targets.
“The Adamclisi and Deleni projects will also make a significant contribution to Low Carbon’s own ambition to build 20 GW of new renewable energy capacity and achieve net zero by the end of the decade. We are delighted to deliver the project in partnership with Rezolv Energy, as part of our shared commitment to generating sustainable investments at scale for the benefit of future generations.”
Jim Campion, chief executive of Rezolv, added: “Companies and governments around the world are increasingly favouring the adoption of clean, cost-effective and quick-to-build renewable energy. With over 2 GW of renewables now in development, we are proud to play a crucial role diversifying and increasing security of supply, while reducing central and eastern Europe’s dependence on non-renewable energy sources.”
Jaroslava Korpanec, partner and head of Central and Eastern Europe at Actis, commented: “This announcement demonstrates our commitment to back Rezolv’s ambition to build a multi-gigawatt portfolio of renewable energy generation over the next few years, helping companies and communities across the region meet their energy needs through clean, renewable energy generation that supports net zero targets.”