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News from Members Rezolv Energy signs Power Purchase Agreements connected to the VIFOR wind farm in Buzău County

Rezolv Energy signs Power Purchase Agreements connected to the VIFOR wind farm in Buzău County

by REZOLV ENERGY July 18, 2024

On 17 June, Rezolv Energy broke ground at the site of the VIFOR wind farm in Buzău County, which is set to be one of Europe’s largest onshore wind farms once it is operational.

Two days later, Rezolv signed cross-border virtual Power Purchase Agreements (VPPAs) with T-Mobile Czech Republic, Slovak Telekom and CE Colo Czech Republic, all part of the Deutsche Telekom Group. These are the first cross-border VPPAs that have been signed by Czech or Slovak companies.

The VPPAs will see the three firms buy 100GWh of clean power per year for 12 years. T-Mobile Czech Republic has secured 50GWh per year, Slovak Telekom 40GWh per year and CE Colo Czech Republic 10GWh per year.

Two weeks later, Rezolv signed another VPPA, this time a 10-year agreement with Bekaert, a global leader in steel wire transformation and coating technologies. The deal will see Bekaert buy 100GWh of renewable power per year, reducing its annual emissions by more than 41,000 tonnes of CO2e.

These four VPPAs represent a significant step forward in Central & Southeastern Europe, where most previous PPAs have been physical agreements requiring the buyer and producer to be in the same or neighbouring countries with connected grids. In contrast, a VPPA is a financial arrangement where the buyer receives certificates verifying that the energy came from a specific renewable source, with the clean power being fed into the grid.

In each case, the power will come from VIFOR, with the VPPAs enabling the construction of the first phase of the project. In the second phase, a further 700GWh per year will be available for corporate buyers.

These four PPAs are just the beginning. Watch this space for more PPA announcements from Rezolv very soon.

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