Rezolv Energy, backed by Actis, has secured project finance facilities of €331m ($385m) for the construction of the second phase of its VIFOR wind farm project in Buzău County, Romania.

The second phase of the project will add 269MW capacity, increasing its total to 461MW - sufficient to supply electricity to 700,000 homes.

The VIFOR wind farm project is backed by a group of bank including Erste Group and UniCredit Group, along with the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Intesa Sanpaolo Group and OTP Bank, Raiffeisenlandesbank Niederösterreich-Wien.

Rezolv Energy CEO Alastair Hammond stated: “We are delighted to have sourced this significant additional funding from our trusted group of international lenders. With Phase 1 of the VIFOR project scheduled for completion by spring 2026, this financing allows us to move seamlessly into Phase 2 and take the project to its full capacity.”

Currently under construction, the 192MW first phase of the project will comprise 30 turbines, each with a capacity of 6.4MW. This phase is expected to be operational by spring 2026.

The subsequent phase will install a further 42 turbines, to be operational by the fourth quarter (Q4) of 2027.

When fully operational, VIFOR will be the largest wind farm constructed in Romania since 2015, and among the largest onshore wind farms in Europe.

Actis energy infrastructure Central and Eastern Europe partner and head Jaroslava Korpanec stated: “With VIFOR’s first phase well under construction, it’s fantastic to see such great progress on Phase 2 of the project. This second phase will add real, material scale to VIFOR and make it one of the largest onshore wind farms in Europe. VIFOR represents a key pillar of Rezolv Energy’s plan to deliver clean power for Europe.”

Banks sanctioning these loans have cited Rezolv’s adherence to premier sustainability practices as a decisive factor.

These include compliance with the International Finance Corporation’s performance standards on environmental and social sustainability, Equator Principles [a risk management framework used by financial institutions to assess and manage environmental and social risks in project financing] and EBRD’s performance requirements.

VIFOR will create jobs and contribute to economic uplift in Buzău County.

In July 2024, Rezolv Energy entered a ten-year virtual power purchase agreement with Bekaert in Romania. Bekaert will source 100 gigawatt hours of renewable energy each year from the VIFOR wind farm.