Actis-backed Rezolv snaps up 1-GW solar project in Romania

Rezolv Energy, the clean power platform owned by Actis, has purchased the rights to build and operate a 1,044-MW solar project in Romania from domestic renewable energy developer Monsson Group.

The Actis portfolio company will build the photovoltaic (PV) park on low-quality agricultural land in Arad County, western Romania, planning to bring it online by 2025. Once in operation, it will become the largest solar complex operating in Europe, Actis said on Wednesday.

Rezolv Energy will kick off construction in the first half of 2023. The project is now in the late development stages and a review of technology solutions and debt financing options is already ongoing.

Planned to use around 1.6 million PV panels, the huge solar farm is expected to generate around 1,500 GWh of electricity per year, with its output estimated to be enough to supply more than 370,000 local homes. The produced electricity will be sold to commercial and industrial parties under long-term power purchase agreements (PPAs).

A plan is in place to potentially couple the solar park with a 135-MW battery energy storage system. Options will also be considered to introduce agricultural activities at the site, such as sheep grazing and beekeeping.

Rezolv Energy, which was launched earlier this year, in September bought a 51% stake in a 450-MW onshore wind project in Romania under development by Low Carbon. The platform is operating in Central and South Eastern Europe.

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