Bekaert and Rezolv Energy sign 100 GWh wind Power Purchase Agreement in Romania

Bekaert and Rezolv Energy sign 100 GWh wind Power Purchase Agreement in Romania

Bucharest, 4 July 2024: Rezolv Energy, the Actis-backed independent power producer in Central and Southeastern Europe, through their project subsidiary First Looks Solutions S.R.L., have signed a 10-year Virtual Power Purchase Agreement (VPPA) in Romania with Bekaert, a global leader in steel wire transformation and coating technologies. This is one of the largest PPAs ever signed in the region. The deal will see Bekaert buy 100 GWh of additional renewable power per year, reducing annual emissions by more than 41 000 tonnes of CO₂e. The power will come from the 461MW 'VIFOR' wind farm, which has been developed by Rezolv and Low Carbon in Buzău County, Romania.

The PPA represents a new milestone in Bekaert's Sustainability strategy "Creating a better tomorrow". From making a positive impact with its sustainable solutions and practices, to building a diverse and inclusive future, Bekaert is determined to improve life and create value for all of its stakeholders. Through renewable energy projects like the VPPA in Romania, Bekaert increases the proportion of its renewable energy supply, reducing its carbon footprint as per its validated SBTi targets.

About the VIFOR Wind Farm

Once operational, VIFOR will be one of Europe's largest onshore wind farms. 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 will avoid approximately 540 000 tonnes of CO₂e annually. Phase 1 will install 192MW in capacity with planned expansion to 461MW in phase 2. Construction is scheduled to be completed within 18 months, with VIFOR coming onstream before the end of 2025.

In a region which has historically relied on fossil fuels for most of its energy needs, replacing fossil production with renewables delivers the maximum possible emissions reduction impact. The project will therefore play a crucial role in the region's energy transition and support Romania in meeting its climate targets. It will also be developed to the highest international sustainability standards to ensure that it leaves a lasting, positive legacy.

Michael Hamilton, VP Commodities, Bekaert, said: "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."

Alastair Hammond, CEO, Rezolv Energy, said: "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."

Courtesy of Vestas Wind Systems A/S

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