Backed by €500m from Actis, a leading global investor in sustainable infrastructure, the company will provide subsidy-free clean energy at a long-term, stable price for commercial and industrial users, and other off-takers, operating across the region. This will include supermarkets, breweries, telecoms and other large businesses.
Rezolv aims to build a multi-gigawatt portfolio of wind, solar and energy storage. This will help companies and countries across the region meet their energy needs in response to energy security challenges and climate policies. It will take renewable energy projects from late-stage development through construction and into long-term operation.
At launch, Rezolv has signed agreements to acquire development rights to two wind projects in the Central and South Eastern Europe region with a combined capacity of 1GW. Construction contracts are expected to be awarded early next year, with the projects expected to be operational by 2025-2026.
The newly formed company is built on 15 years of clean energy heritage in the region. Its leadership team previously developed the largest wind farm at the time in both Croatia and the Czech Republic, and the largest independent wind farm in Romania.
Jim Campion, Chief Executive, Rezolv said, "Rising energy costs, heightened security concerns, demand to meet climate targets, and stakeholder expectations, are causing a rethink on energy usage – and production. Today, private companies, as well as public utilities, are finding their traditional reliance on fossil fuels far less viable.
"Renewable sources of energy are ready to take the lead and Rezolv has been created to accelerate the energy transition. Our experience, combined with long-term investment from one of the world's foremost energy investors, gives us the financial strength and experience to solve problems and accelerate large scale renewable projects across Central and South Eastern Europe."
As part of its strategy, Rezolv is also committed to upholding the very highest environmental, social and governance (ESG) standards. The company's plan includes ensuring it leaves a lasting, positive legacy in each community where it invests and operates. Projects will adhere to best practice and international standards including the Equator Principles and the IFC's Environmental and Social Performance Standards.
Alastair Hammond, Chief Operating Officer, Rezolv said, "Our model creates benefits for both the end-users of power, but also the communities where power is generated. We are developing long-term investment programmes hand-in-hand with communities. This ensures a positive legacy nationally, as well as locally, from the growth of renewables."
Lucy Heintz, Partner, Head of Energy Infrastructure, Actis, added, "This announcement is an exciting moment for Actis as we sign our first Energy Infrastructure investment in Central and South Eastern Europe, with the ambition of building and operating a market-leading renewable energy platform. Our investment in the region strongly aligns with our strategy to build sustainability leaders where we find opportunities to support the Energy Transition, especially important as energy security needs drive faster adoption of renewable energy."