Low Carbon to deliver up to 600MW of new onshore wind capacity in Romania
Delivered in partnership with Actis-backed Rezolv Energy, the combined capacity of the 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 600MW.
Sharing the same grid connection point, the projects are principally located in the communes of Adamclisi & Deleni in Constanta county. Together they will form one of Europe’s largest onshore wind farms. 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 tonnes of CO2e 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 20GW of new renewable energy capacity by 2030. It follows the recent announcement of the 450MW Vis Viva wind farm, bringing the renewable energy company’s projects in Romania to a total of 1GW 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 & Deleni projects are expected to reach financial close by 2H 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 & Deleni projects will also make a significant contribution to Low Carbon’s own ambition to build 20GW 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, 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 2GW 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.”
ENDS
About Low Carbon
Low Carbon is a leading renewable energy investment and asset management company committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy and energy efficiency. Low Carbon, a certified B Corp, has a proven track record in the development, construction, financing and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. With a significant international renewable energy pipeline in development, Low Carbon are well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.
About Rezolv
Rezolv is a highly experienced, independent renewable energy producer. We provide subsidy-free clean energy at a long-term, stable price for industrial and commercial users, and other off-takers, operating across Central and South Eastern Europe.
Built on a heritage of 15 years in clean energy, we take renewable projects – wind, solar and storage – from late-stage development through construction and into long-term operation.
With long-term investment backing from Actis, one of the world’s foremost energy investors, we are building a multi-GW portfolio that will help companies and countries meet their energy needs today and in the future.
For more information, please visit: Rezolv.Energy
About Actis
Actis is a leading global investor in sustainable infrastructure. We deliver competitive returns for institutional investors and measurable positive impact for countries, cities, and communities in which we operate. Our global experience, operational knowhow and strong culture allow us to create global sustainability leaders. We do it at scale. And have been doing so for decades. Since inception, we have raised US$24 billion to invest in a better tomorrow.
Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. The firm has consistently been awarded the highest rating score in the UN Principles for Responsible Investment (PRI) independent assessment.