- Actis has purchased the rights to develop a 1.04 GW solar power plant in Romania from Monsson Group
- The PV power plant will be Europe’s largest solar system
- It may also add 135 MW BESS with capacity to deliver electricity for 4 hours
- The project is scheduled to enter operations in H1/2023 and come online by 2025
- Power generated is planned to be sold to C&I users under long-term PPAs
The largest ever solar PV plant in all of Europe is planned to have 1.044 GW capacity, paired with a 135 MW battery energy storage system (BESS) according to global sustainable infrastructure investor Actis whose portfolio company Rezolv Energy plans to bring it to fruition by 2025.
Currently, in the late-stage development phase, the project was acquired by Actis from Romania’s Monsson Group that in April 2021 was reported to be collaborating with Enel Green Power for 1 GW solar and wind energy projects in Romania (see 1 GW Renewable Energy Deal For EGP In Romania).
Rezolv will build and construct the facility in Arad County in Western Romania. It is evaluating technology solutions for the project as it plans to deploy close to 1.6 million new panels, along with debt financing options to start construction on ground in H1/2023. On completion, the facility is expected to generate 1,500,000 MWh annually on an average to be sold to commercial and industrial (C&I) users through long-term power purchase agreements (PPA).
The BESS component with 135 MW capacity will have the capacity to deliver electricity for 4 hours. Rezolv was launched by Actis in July 2022 (see Actis Launches New European RE Platform Called Rezolv Energy).
On site, most of the poor-quality agricultural land will be transformed to pasture with sheep managing the vegetation through grazing, it added.
At present, the largest solar power plant in Europe is touted to be Iberdrola’s 590 MW DC Francisco Pizarro facility in Spain (see Iberdrola Puts 590 MW Francisco Pizarro Project Into Operation).
“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, expected to provide clean power to more than 370,000 households and constructed and operated to the highest sustainability standards,” said Partner and Head of Central & Eastern Europe at Actis, Jaroslava Korpanec.
The company said it is working closely with Rezolv on more renewable energy projects and announce the same in early 2023.
Actis says it has invested in more than 70 renewable energy projects with some 12 GW combined renewable energy capacity to date, and plans to add an additional 12.5 GW.