The Prague-based company has acquired development rights to the 1,044 MW solar PV park, located in Arad County, from European renewables company the Monsson Group. Construction on the project is scheduled to be in the second half of 2023, with commercial operations expected to be achieved by 2025. Rezolv Energy was officially launched in Jul’22 with a €500mn commitment from major renewables investor Actis, who also recently decided to expand its portfolio to markets in Central and Eastern Europe.
Rezolv is evaluating technical solutions and debt financing options to progress the project. Enerdatics understands that the funding could be secured from domestic commercial banks, international financial institutions such as the International Finance Corporation, European Investment Bank, or the European Bank for Reconstruction Development (EBRD), as well as export credit agencies. Further, the project is expected to sell power to commercial and industrial customers through long-term corporate power purchase agreements (PPAs).
Romania is the largest benefactor of grants from the €10bn EU Modernization Fund, an initiative that aims to support the energy transition of 10 member countries, to help the bloc meet its 2030 climate targets. Romania has secured €1.4bn from the fund, with a mandate to bring online 950 MW of wind and solar power plants by the middle of 2024. However, the country’s ministry of energy has warned that the administration could fall severely short of this target, partly due to the complicated permitting process. The government has taken several measures to spur renewable investments and incentivize development, such as a proposed Contracts for Difference (CfD) scheme. Under the plan, the first auction would take place at the end of 2023 for 1.5 GW of installed capacity, with an additional 2GW to be auctioned by Q2 2024.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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