Resolv Energy, which was launched in August this year, has now bought 51% stake in the two wind farms from Low Carbon.
The two wind power farms will be built in the communes of Adamclisi & Deleni in Constanta county by Rezolv and Low Carbon.
Low Carbon has been stewarding the projects in the communes of Adamclisi & Deleni since 2020 when it first entered a deal with local developers and Nero Renewables.
The projects are expected to reach financial close during the second half of 2023.
Following the commencement of operations, the wind farms will produce sufficient clean energy to power over 332,000 homes, and avoid around 220,000t tonnes of CO2 annually.
Rezolv has been supported by €500m from Actis. It has over 2GW of wind and solar power in development.
UK clean energy investment firm Low Carbon intends to develop 20GW of new renewable energy capacity by 2030.
Rezolv Energy chief executive Jim Campion said: “Companies and governments around the world are increasingly favouring the adoption of clean, cost-effective and quick-to-build renewable energy. With over 2GW of renewables now in development, we are proud to play a crucial role diversifying and increasing security of supply, while reducing central and eastern Europe’s dependence on non-renewable energy sources.”
Low Carbon chief executive Roy Bedlow said: “With wind and solar power set to provide two-thirds of global power generation by 2050 in long-term Paris-compliant energy scenarios, our latest project is set to make an important contribution to the continent’s energy transition and its ambitious net-zero targets.
“The Adamclisi & Deleni projects will also make a significant contribution to Low Carbon’s own ambition to build 20GW of new renewable energy capacity, and achieve net zero, by the end of the decade.
“We are delighted to deliver the project in partnership with Rezolv Energy, as part of our shared commitment to generating sustainable investments at scale for the benefit of future generations.”