Rezolv Energy, backed by sustainable infrastructure investor Actis, has acquired rights to a 1,044MW PV plant in western Romania. Actis has said the project is “expected to be the largest solar PV plant in Europe”.
Acquired from Monsson Group, the plant is expected to include 1.6 million solar panels, be operational by 2025 and generate an annual average of 1,500GWh of power.
Actis said that the power will be sold through long-term power purchase agreements to commercial and industrial users, though it has not specified if these have yet been agreed. It’s also “likely” to include a 135MW battery storage system, though this is also yet to be confirmed.
The project will also be integrated with symbiotic agricultural activities, with poor agricultural land being transformed into pasture for sheep and beekeeping included to increase biodiversity. Agrivoltaic projects such as this have become increasingly prevalent, such as the Land of the Sun project in Italy.
“We are moving into a new era for renewable energy in Europe. Projects like this will give us the scale to provide highly competitive, subsidy-free clean power at a stable price for industrial and commercial users.” Jim Campion, chief executive of Rezolv Energy said. “It will also make a significant contribution to Europe’s twin objectives of increasing its energy independence and reducing its net emissions to zero.”
Rezolv was launched by Actis earlier this year in order to “build a new era of sustainable power in Central and South-Eastern Europe”, the company said.
Indeed, Romania is forecast to experience a ‘renewables wave’ in the coming years. “This market is really hot, everyone is trying to get their share,” Panos Kefalas, senior associate for South Eastern European markets at consultancy Aurora Energy Research has said.
Investment in solar PV in Romania is continuing to grow, as developer Econergy has recently bolstered its Romanian and Eastern European presence with more construction contracts.