Vifor Wind Power Plant (IFC-48149)

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
Communes of Costesti, Gheraseni, Smeeni, Luciu, and Tinteti - Buzau county, Southeast Romania
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
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
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
Apr 24, 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 SA)
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)
$ 162.49 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 150
Converted using 2024-02-23 exchange rate.
Loan Amount (USD)
$ 162.49 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 150
Converted using 2024-02-23 exchange rate.
Project Cost (USD)
$ 877.43 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 810
Converted using 2024-02-23 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 30, 2024

Disclosed by Bank Feb 23, 2024

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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.

According to the IFC, the project comprises of the development, design, financing, construction, operation, and maintenance of an onshore wind farm with a total capacity of 461MW located in Buzau County, in the Southern-East part of Romania. The Project will be implemented in two phases:
(i) Phase 1 with capacity of 192MW to be commissioned in early 2026; and
(ii) Phase 2 with capacity of 269MW to be commissioned in late 2026.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 IFC, the Project is being implemented by First Look Solutions S.A., a special purpose company incorporated in Romania, which is indirectly owned by Rezolv Energy SA (51% equity stake) and Low Carbon Limited (49% equity stake).

Rezolv was established in Luxembourg in July 2022 as an independent renewable energy producer to focus on investments in renewables in the Eastern European energy market. It is fully owned by Actis LLC through its Actis Energy 5 Fund. Actis is a leading investor in global sustainable infrastructure with about US$12.5 billion assets under management. In January 2024, Actis signed an agreement to be part of General Atlantic, a leading global growth investor. At completion, the combined platform will have approximately $96 billion in assets under management.

Low Carbon is a global investment and asset management company founded in 2011 and based in the United Kingdom. It is currently owned 51% by Low Carbon Group and 49% by MassMutual and managed by Low Carbon Group. MassMutual is a NYSE listed Fortune 500 company founded in 1951. Low Carbon manages a portfolio of >1.4 GW in operating renewable assets and has a current development pipeline larger than 12GW.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Actis LLP Parent Company Finance owns Rezolv Energy Client Energy
Low Carbon Investment Management Investor Finance contracts with Rezolv Energy Client Energy
MassMutual Investor Finance invests in Low Carbon Investment Management Investor Finance

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Rezolv Energy SA:

David Jackson - ESG Director
Phone: +420 227 316 222
Email: djackson@rezolv.energy
Address: Amazon Court, Karolinská 661/4, 186 00 Praha 8, Czech Republic
Website: https://rezolv.energy/

Local Access to Project Documentation - First Look Solutions S.A.:

Address: Piata Charles De Gaulle 15 E., Sectorul 1, Bucuresti, Republic of Romania
Website: https://rezolv.energy/project/vifor-wind-farm/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works