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Garanti BBVA Romania supports first look solutions S.A. in developing VIFOR Wind Farm: A milestone in Romania’s renewable energy pathway

Bucharest, 11th July –, Garanti BBVA Romania has lended €10 million to First Look Solutions S.A. – a Romanian special purpose vehicle, jointly owned by Prague-based Rezolv Energy SA and London-based Low Carbon, as part of a syndicated financing package. First Look Solutions S.A. is developing the 192 MW first phase of VIFOR, a large onshore wind farm in the Buzău region, with a total capacity of 461 MW. Both sponsors of the project are investment companies with sound track record in complex sustainable infrastructure assets worldwide. Rezolv Energy SA is the latest investment from Actis through its Energy 5 Fund, a leading global sustainable investor in the emerging markets with $12.7Bn in assets under management.

“BBVA is proud to have supported Actis in this important project as part of our commitment with sustainable finance to accelerate and achieve a green energy transition” stated Lorena Portugal Cantera, Managing Director – Financial Sponsors, Corporate and Investment Banking, BBVA.

Expected to begin operating commercially by the end of 2025, the first phase of VIFOR Wind Farm will supply clean electricity to approximately 108,000 households in Romania. Through its high commitment to sustainability, built on the industry’s best practice and aligned with international standards, the building block principle is that the renewable energy plants will support a sustainable ecosystem around it.

 

“Our aim, as a responsible banking institution, is to support the green transition by channeling capital towards projects in renewable energy (solar, wind), sustainability certified green buildings, clean transportation, and circular economy. At present, 10% of our client companies’ loans portfolio is directed towards sustainable finance. We are proud to further contributing along other important financing institutions to Rezolv Energy and Low Carbon’ s landmark project which marks an important milestone in Romania’s renewables pathway to 2030.”, declared Bilge Demirer, Deputy General Manager, Garanti BBVA.

 

The collaboration between Garanti BBVA Romania and First Look Solutions S.A. in developing the VIFOR Wind Farm represents a pivotal step towards a sustainable and energy-secure future for Romania. In line with EU initiatives Fit for 55 and REPowerEU, Romania committed to boost by 2030 the share of renewables in its total energy consumption from 24.3% in 2019 to 36.2%, while as securing the country’s energy sources. This involves adding 11.9 GW of new renewable capacity, reflecting the country’s growing commitment to increasing renewable energy production in its total energy mix.

 

In the near future, Garanti BBVA Romania’s strategy is to mobilize all its resources and expertise to accompany its customers on their journey towards sustainability by offering personalized products, consultancy, and suitable financing solutions. Garanti BBVA Romania’s growth strategy is based on the integration of ESG considerations into its business decisions. In this sense, the Bank follows the steps undertaken by its ultimate parent, BBVA Spain, a pioneer in Sustainability at the global level, with over €260 billion mobilized in sustainable finance between 2018 to date. Moreover, BBVA received for the last four years in a row the highest Dow Jones sustainability index score among EU financial institutions.

 

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About Garanti BBVA

Garanti BBVA is part of the Garanti BBVA Romania Group, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance, which complete the bank’s offer with specific leasing products, fleet management services, as well as consumer loans. In 2023, the bank celebrated twenty-five years of active presence within the Romanian banking system.

Garanti BBVA România is owned by Garanti BBVA Turkey (TGB), the second-largest private bank in Turkey. The majority shareholder of Garanti BBVA Turkey is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).

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