Rezolv signs Vifor 2 PF
Actis-backed independent power producer Rezolv Energy has signed €331m in incremental project finance facilities to fund the second 269MW phase of its 461MW Vifor wind farm in Romania, bringing the project to full capacity.
The financing was arranged through local subsidiary First Look Solutions and is led by Erste Group Bank and UniCredit alongside the EBRD, IFC, Intesa Sanpaolo and OTP Bank as returning lenders alongside Raiffeisenlandesbank Niederoesterreich-Wien as a new lender joining the syndicate for the second phase.
The phase 2 debt package follows the €291m financing closed in June 2024 for the 192MW phase 1. The combined €622m in senior debt supports a total project cost of €810m, with the remainder covered by equity.
Tranche sized and pricing details for phase 2 have not been disclosed but the company said the structure mirrors that of phase 1. In the first phase, the EBRD contributed €32m and the IFC €21.4m, with the remaining €237.6m subscribed by six commercial lenders. The second phase is expected to reach financial close in 2026 and commissioning in Q4 2027.
Vifor will be the largest wind farm in Romania in more than a decade and one of the largest onshore wind farms in Europe. The capacity will be delivered via 72 Vestas turbines — 30 turbines of 6.4MW for Phase 1 and 42 turbines for Phase 2 — using its latest onshore technology.
The project’s revenue model includes state-backed subsidies and corporate offtake agreements. A 15-year contract for difference awarded in Romania’s inaugural auction covers 240MW at a strike price of €54.48/MWh — the lowest in the round. The remaining output is backed by six virtual power purchase agreements with A2A, Bekaert, three Deutsche Telekom subsidiaries and one undisclosed offtaker, covering 460GWh annually. Approximately 46MW remains uncontracted and may be sold on the merchant market or covered by future PPAs or CfDs.
It is not yet confirmed whether Rezolv has bid for additional CfD-backed capacity in Romania’s second auction, which closed on July 11 and offered 2GW of wind capacity at a strike price of €80/MWh. Results are expected on August 14.
Rezolv has been the sole owner of Vifor and the Dunarea East & West wind farms in Romania since 2024 following the acquisition of a 49% stake from UK-based Low Carbon, which had partnered with Rezolv in a 51:49 joint venture.
The transaction was completed through separate agreements, consolidating Rezolv’s control over its Romanian wind portfolio and bringing its ownership to 100% on all three schemes.
Vifor's first phase was the first project to reach financial close from Rezolv’s 2GW pipeline in southeastern Europe.
Backed by Actis and launched in 2023, Rezolv develops large-scale wind and solar projects in Romania and Bulgaria. Its Romanian portfolio includes the 600MW Dunarea East & West wind project and the 1.04GW Dama solar park. In Bulgaria, it is building the 229MW St George solar scheme after reaching financial close in 2024.
