Vifor Wind (EBRD-52683)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Romania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Costesti, Gheraseni, Smeeni, Tintesti, Pogoanele and Luciu communes, Buzau County
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 21, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
First Look Solutions S.A., Rezolv Energy, Low Carbon Investment Management
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 34.63 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 32
Converted using 2024-02-21 exchange rate.
Loan Amount (USD)
$ 34.63 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 32
Converted using 2024-02-21 exchange rate.
Bank Documents
Media Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 16, 2024

Disclosed by Bank Dec 13, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of the development, construction and operation of a 461 MW wind farm project in Buzau County in Romania. The Project is owned by First Look Solutions S.A., a limited liability company incorporated in Romania and co-owned by Rezolv Energy S.A. and Low Carbon Limited.

The Project will contribute to climate change mitigation and the Romanian green energy transition by increasing the share of renewable energy generation in the country and adding new onshore wind generation capacity to the national energy system. In addition, the Project will also strengthen the private sector presence in the renewable energy sector in the country.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Investment information not provided on the project disclosure page. Reported on an EBRD's press release, dated 13 June 2024.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, the borrower will be First Look Solutions S.A., a special purpose vehicle incorporated in Romania, established for the sole purpose of implementing the Project. The Borrower is ultimately owned by Rezolv Energy (51%) and Low Carbon (49%). Rezolv Energy is an independent renewable energy producer backed by Actis, a leading global investor in sustainable infrastructure. Low Carbon is a global renewable energy company investing in and operating large scale renewable energy projects.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Low Carbon Investment Management Parent Company Energy contracts with Rezolv Energy Parent Company Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - First Look Solutions S.A.:

David Jackson - ESG Director, Rezolv Energy
Email: djackson@rezolv.energy

Martin Langham - Managing Director, Low Carbon Investment Management
Email: martin.langham@lowcarbon.com

Website: https://rezolv.energy/project/vifor-wind-farm/

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works