Rezolv Energy, a clean energy power producer owned by infrastructure investor Actis, has acquired the rights to build and operate a 1,044 MW solar photovoltaic plant in Arad County in western Romania from the Monsson Group.
The project is in the late-stage development phase. Once constructed, the project is expected to be the largest solar PV plant in Europe. It is expected to be online by 2025.
Rezolv Energy, which is focused on sustainable power in Central and South Eastern Europe, is appraising technology solutions and debt financing options, with construction due to start in the first half of next year.
The plant will comprise approximately 1.6 million new solar panels and with an average annual power generation of approximately 1,500,000 MWh, is expected to be able to provide clean power for more than 370,000 households. The power will be sold to commercial and industrial users through long-term power purchase agreements.
The project will be connected to the 400 kV high voltage overhead lines in the area and will likely include a 135 MW battery storage system, capable of delivering electricity for four hours. This connection will enable the high voltage lines to be smartly loaded, balancing the variability of the renewable energy supply.
Actis said the project will adhere to the highest environmental, social and governance (ESG) standards, and will integrate with agricultural activities on the site. Much of the poor-quality agricultural land will be transformed to pasture and sheep will be used to manage the vegetation through grazing.
The project will also incorporate beekeeping and other measures to increase biodiversity.
Rezolv Energy was launched earlier this year by Actis and the Rezolv leadership team, which had previously developed and run a portfolio of energy projects in Central and South-Eastern Europe. Last month, the company announced that it was partnering with Low Carbon to deliver another major renewable energy project in Romania: the 450MW Vis Viva onshore wind farm.
Jaroslava Korpanec, Partner and Head of Central & Eastern Europe at Actis, commented: “At a time when energy security needs are driving faster adoption of renewable energy, we are excited to be funding Rezolv’s investment in Europe’s largest ever solar photovoltaic plant.”