Intesa Sanpaolo invested in Romania´s wind farm

Intesa Sanpaolo's International Banks Division, represented by VUB bank and Intesa Sanpaolo Romania, together with other trusted lenders, have signed incremental project finance facilities of up to €331 million with Actis-backed Rezolv Energy, through its project subsidiary First Look Solutions S.R.L., to support construction of its VIFOR wind farm in Buzău County, Romania.

Financing of the second phase is largely supported by lenders including VUB bank and Intesa Sanpaolo Romania as a part of Intesa Sanpaolo's International Banks Division, Erste Group, UniCredit Group, together with the European Bank for Reconstruction and Development, the International Finance Corporation (IFC) and OTP Bank, joined by Raiffeisenlandesbank Niederösterreich-Wien.

VIFOR Phase 2 follows the first phase of the project, which is currently under construction. Phase 1 will install 192MW in capacity – 30 turbines of 6.4MW each – and is scheduled to be operational by the spring of 2026. Phase 2, which will be commissioned in Q4 2027, will add 42 turbines, increasing the overall project capacity to 461MW – enough electricity to power more than 700,000 homes.

Once fully operational, VIFOR will become the largest wind farm built in Romania over the last 10 years, and one of the largest onshore wind farms in Europe.

In approving the loans, the banks acknowledged Rezolv’s commitment to sustainability, which has been built on industry best practice and aligns with the highest international sustainability standards, including the IFC’s Performance Standards on Environmental and Social Sustainability, Equator Principles and EBRD’s Performance Requirements.

In addition to the environmental benefits, VIFOR is creating hundreds of local jobs, delivering economic benefits to the local area, and supporting community initiatives in Buzău County, which are aimed at ensuring that the project leaves a lasting, positive legacy for local people.

Alastair Hammond, CEO, Rezolv Energy, said: “We are delighted to have sourced this significant additional funding from our trusted group of international lenders. With Phase 1 of the VIFOR project scheduled for completion by spring 2026, this financing allows us to move seamlessly into Phase 2 and take the project to its full capacity.”

„I am very pleased that we have managed to bring this cooperation to a successful conclusion. This investment in renewable energy will be of enormous benefit to Romania and the entire region. As one of Europe's largest banking groups, Intesa Sanpaolo is committed to supporting all similar key projects,” said Giuseppe Ferraro, Executive Director of Corporate, SME and Small Business at Intesa Sanpaolo’s International Banks Division.

About Rezolv Energy

Rezolv is a highly experienced, independent renewable energy producer. We provide subsidy-free clean energy at a long-term, stable price for industrial and commercial users, and other off-takers, operating across Central and Southeastern Europe.

Built on a heritage of 15 years in clean energy, we take renewable projects – wind, solar and storage – from late-stage development through construction and into long-term operation.

With long-term investment backing from Actis, one of the world’s foremost energy investors, we are building a multi-GW portfolio that will help companies and countries meet their energy needs today and in the future.

About Intesa Sanpaolo

Intesa Sanpaolo, with €422 billion in loans and €1.4 trillion in customer financial assets at the end of December 2024, is the largest banking group in Italy, with a significant international presence through Corporate Hubs, Representative Offices and a network of subsidiary banks located in 12 countries in Central and Eastern Europe and Egypt.

Intesa Sanpaolo Group is a leader in Europe in Wealth Management & Protection. The Group has fully-owned product factories under a unified governance ensuring fast time-to-market and production and distribution synergies through advisory networks equipped with the latest digital tools.

With the most innovative technological platform in the market, Intesa Sanpaolo is the first leading bank to fully implement cutting-edge cloud-based core banking solutions and is among the early adopters of Artificial Intelligence solutions.

Intesa Sanpaolo Group is equipped to succeed in the future thanks to a best-in-class risk profile, rock-solid capital position and a well-diversified and resilient business model.

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