VIFOR, a 461 MW wind project in Romania, is being developed as a large-scale renewable investment supported by a mix of institutional capital, development-bank funding, Romania’s contracts-for-difference framework and corporate power-purchase agreements. The project is being built by Rezolv Energy and Low Carbon, with Rezolv Energy backed by Actis. It is located in Buzău County.
Construction is planned in two phases. Phase 1 covers 192 MW delivered through 30 turbines, while Phase 2 adds 269 MW across 42 turbines. When fully commissioned, the wind farm will operate with 72 turbines to reach the full 461 MW capacity.
Phase 2 incremental facilities and lender participation
In July 2025, the developers secured incremental financing facilities of up to €331 million for Phase 2. The European Bank for Reconstruction and Development (EBRD) is participating alongside a wider group of lenders. The financing structure links capital provision to the staged build-out of the project.
The financing package reflects the scale of upfront investment required for modern wind farms. Turbines, foundations, substations and grid connections need to be funded before electricity generation begins. At the same time, inflation, elevated borrowing costs and volatile wholesale electricity prices have made project finance more difficult across Europe.
Developers that depend entirely on merchant electricity prices have increasingly struggled to reach final investment decisions. Against that backdrop, VIFOR’s approach combines public support and private contracting to reduce exposure to single revenue streams. The project’s revenue structure includes both CfD support and corporate offtake arrangements.
CfD support and cross-border virtual PPA with Etem Gestamp
A portion of VIFOR has secured backing through Romania’s CfD programme. In addition, the developers have entered into corporate offtake agreements tied to long-term demand. One highlighted contract is a ten-year virtual PPA with Bulgaria-based aluminium and automotive-components producer Etem Gestamp.
The agreement is described as Bulgaria’s first publicly announced cross-border wind PPA. It links an industrial consumer in one Southeast European country with renewable generation supported through a financial contract in another market. The structure expands the potential customer base for utility-scale renewable developers beyond domestic demand constraints.
The contract also supports industrial buyers seeking to manage electricity-price and carbon exposure without waiting for new renewable capacity to be developed domestically. Such arrangements are particularly relevant where fewer companies have sufficient electricity demand to absorb output from large projects. In this case, the PPA spans Romania-linked wind generation and a Bulgarian industrial counterparty.
Estimated emissions impact and interaction with solar output
The project’s environmental impact is supported by an estimate from IFC for the full VIFOR development. IFC estimates that VIFOR could reduce emissions by approximately 500,000 tonnes of CO₂ equivalent annually. This estimate relates to the full project rather than only one phase.
The wind output profile is expected to complement Romania’s rapidly expanding solar fleet. Wind generation can produce electricity across a broader range of hours rather than concentrating output primarily around midday. A more diversified renewable mix can reduce, although not eliminate, the need for storage and flexible generation resources.
Grid requirements, balancing markets and forecasting needs
VIFOR also reflects grid and system requirements associated with large wind deployments. A 461 MW facility requires sufficient transmission capacity, timely grid-connection works and access to liquid balancing markets. These elements are needed to integrate variable generation into the power system.
Wind generation can fluctuate over short periods, increasing the importance of accurate forecasting, reserve capacity and flexible resources. As renewable penetration rises, system operators’ ability to absorb and balance new generation becomes as important as the underlying wind resource quality. For VIFOR, these integration needs align with its scale across multiple turbine units.
Regional financing benchmark for Southeast Europe
For Romania, VIFOR represents a return to very large-scale wind investment after roughly a decade of slower development. In the wider SEE market context, it illustrates how renewable projects can be structured as layered finance rather than relying solely on merchant exposure. Public price stabilisation through CfD support is combined with corporate contracting and development-institution participation.
The model described for VIFOR may not transfer directly across all Southeast European markets. Western Balkan countries without mature CfD mechanisms, liquid power markets or investment-grade corporate buyers may require stronger public guarantees and development-bank participation. Even so, VIFOR provides a regional reference point based on its 461 MW capacity, up to €331 million in incremental Phase 2 financing, a ten-year cross-border industrial virtual PPA with Etem Gestamp and a revenue design aimed at reducing dependence on pure merchant exposure.
