Agreement between Monsson and Rezolv Energy for the completion of a mega solar park in Romania, over 1 GW, the largest in Europe

By RBJ
Monsson, the largest developer of green energy projects in Romania, has signed an agreement with Resolv Energy for the completion of the largest photovoltaic park in Europe by the end of the first quarter of 2023. The project, located in western Romania/Arad county, will have an installed power of 1,044MW. The annual energy production of this photovoltaic park will cover the energy needs of more than 1 million households and generate more than 500 new jobs in the next three years.
“We are proud to be part of Romania’s transition process towards renewable energy. We believe that Romania can be an example in such interesting times as the ones we are living now. Green energy is cheaper and cleaner and does not create dependence on others. We simply rely on the sun and the wind,” said Sebastian Enache, Head of M&A, Monsson.
Jim Campion, Chief Executive, Rezolv, said: “We are heading into a new era for renewable energy in Europe. Such projects will allow us to provide clean, highly competitive, subsidy-free and stable price energy to industrial and commercial consumers. Also, projects like this will have an important contribution in achieving the two objectives that Romania has assumed: increasing energy independence and reducing net emissions to zero”.
The photovoltaic park is in the final stage of development, with construction expected to begin by June 2023. Resolv Energy is already evaluating technology solutions and loan financing options. Monsson and Rezolv also have big plans in terms of the professional retraining of the people in the area and the involvement of the local workforce as much as possible in the construction work and the operation of the photovoltaic park.
The PV park will be designed, built and operated to the highest social, environmental and governance (ESG) standards, with a particular focus on integrating agricultural activities within the perimeter. Much of the low-quality agricultural land will be converted to pasture, thus controlling excess vegetation.
In this transaction, KPMG was the lead merger and acquisition (M&A) advisor, in collaboration with the Berechet Rusu Hirit team as lead legal advisor, while Biris Goran was the legal advisor to Monsson and Clifford Chance was the legal advisor to Resolv Energy.
Resolv Energy is an independent producer of renewable energy with rich experience in the field. The company develops long-term, price-stable, subsidy-free green energy projects for industrial and commercial users and other beneficiaries operating in Central and South-Eastern Europe.
With management with 15 years of green energy experience, the company invests in renewable energy projects – wind, solar and storage – from the development stage to construction and long-term operation.
Monsson has been a major player in the field of renewable energy since 2004, with over 7000 MW of projects under development. Success stories include more than 2000 MW already built (1100 MW wind and 1000 MW PV), of which the most important achievement is the world’s largest on-shore wind farm outside the US at 600 MW and now the most largest photovoltaic park in Europe.