Rezolv, a Romanian energy developer, will begin construction of the largest solar park in Europe this summer

Alastair Hammond, the Chief executive of Rezolv, said that they aim to increase their renewable energy portfolio from 2.3 GW to 4 or 5 Gigawatts in Central and Southeast Europe by 2030.

The company plans to start construction on a 1GW solar project, expected to be completed in 2028, in western Romania in the late summer.

Rezolv is a renewable energy project developer and operator that operates in Central and Southeastern Europe.

The portfolio includes 2.3 GW of solar and wind assets located in Romania and Bulgaria that are either in operation, construction or late-stage financing.

Romania is looking to increase renewable energy generation, phase out coal, and strengthen its energy security. The Dama Solar Project, one of Europe’s largest solar developments, and the largest?in the European Union. Chief Executive Alastair Hammond said in an interview that "we still have ambitions to get to 4, or 5 gigawatts by 2030".

He said Dama Solar is in the final stages of financing, and construction will begin soon.

The company initially wanted to contract as much capacity as it could through long-term power purchase agreements with commercial customers, but the market has been slow to catch up.

Hammond stated that the continued uncertainty and energy crisis following 'the war in Ukraine' made companies reluctant to enter into long-term contracts for power offtake. However, interest has increased as firms have 2030 decarbonisation goals to meet.

Rezolv signed seven PPAs so far with companies such as T-Mobile Czech Republic and Bekaert.

The company is also the biggest beneficiary of the?government's tenders for green project funded by a?low-carbon energy support scheme, paid for using?European Union funding, which was based on Contracts for Differences (CfD), a system that set the electricity price at a pre-determined level for 15-years, with 971.2MW out of a total of 4.6 GW. (Reporting and Editing by Louise Heavens, Luiza Ilie)

(source: Reuters)