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 (“Rezolv”, 51% equity stake) and Low Carbon Limited (“Low Carbon”, 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 (“Actis”) 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

 Total project cost is estimated at approximately EUR810 million including an envisaged long-term debt financing package of around EUR568 million. IFC considers (i) providing an A loan for IFC’s own account of up to EUR137 million and (ii) mobilizing a Parallel Loan of up to US$15 million (EUR 13 million equivalent) from the IFC’s Managed Co-Lending Portfolio Program (MCPP), to be allocated to both phases. The remainder of the financing package is expected to be provided by another multilateral financing institution and a club of commercial banks.

 The Project is located across the communes of Costesti, Gheraseni, Smeeni, Luciu, and Tinte?ti, in the Buzau county, Southeast Romania. The bulk of the land available for the Project is disused agricultural land.

This is a Category A project as per IFC's Policy on Environmental and Social Sustainability, as the project activities have the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. The majority of the project infrastructure is located within the Natura 2000 site’s Valea Calma?uiului Site of Community Importance (SCI, designated under the EU Habitats Directive), and Valea Calma?uiului Special Protection Area (SPA, designated under the EU Birds Directive). The SPA is designated for breeding and migratory bird species. As such, a key E&S risk for this project concerns avoiding, monitoring, and managing potential adverse impacts on birds during wind farm construction and operations.