Under the VPPA, Etem Gestamp will buy electricity from Rezolv Energy’s 461MW ‘VIFOR’ wind farm, which is about to come onstream in Buzau County, Romania. It is the first cross-border wind PPA that has been publicly announced in Bulgaria.
“This agreement represents an important milestone in Etem Gestamp’s decarbonization journey. We selected Rezolv Energy because of its strong regional presence, industry-leading approach to sustainability, and ability to provide long-term, reliable access to clean power. We also felt a strong sense of trust and alignment with the Rezolv Energy team as a long-term partner. The VPPA enables us to secure price stability while significantly reducing the carbon footprint of our operations in Bulgaria,” said Nikolay Stoynov, Business Services Director, Etem Gestamp.
“Etem Gestamp should be applauded for its willingness to adopt innovative approaches to clean power procurement. With wind capacity still limited in Bulgaria, the cross-border VPPA model provides a way for Bulgarian companies to access wind power from other countries in Southeastern Europe and help accelerate the energy transition in the region. Etem Gestamp has shown the way for other commercial and industrial energy buyers in Bulgaria,” Alastair Hammond, CEO, Rezolv Energy, added.
The agreement is Rezolv Energy’s first power purchase agreement (PPA) of 2026 and Etem Gestamp’s third PPA overall. In 2022, the company signed a 10-year deal to buy 100% of the electricity produced by a solar plant which was then still under construction in Bulgaria. This was the first PPA in Bulgaria in which an industrial consumer of electricity agreed to buy all the green electricity produced by a solar plant. The new wind VPPA with Rezolv Energy will complement this supply of solar power and allow Etem Gestamp to balance its electricity consumption profile.
This agreement reinforces Etem Gestamp’s commitment to transforming its industrial processes and advancing towards more sustainable production, with a strong emphasis on electrification, energy efficiency, and the use of renewable energy sources. In line with this ambition, the company expects that by 2027, around 70% of its energy mix will come from renewable sources.
Furthermore, this partnership will support Etem Gestamp in continuing to make meaningful progress in the decarbonization of the automotive industry’s supply chain.
The deal is Rezolv Energy’s seventh PPA in Romania and Bulgaria, and the second with a company from the automotive sector. In 2024, the company signed a 10-year VPPA with Bekaert, a global leader in steel wire transformation and coating technologies with a substantial business in the automotive industry. The deal will see Bekaert buy 100 GWh of power per year from the VIFOR wind farm, one of the largest PPAs ever signed in Southeastern Europe. Rezolv Energy has also signed PPAs with T-Mobile Czech Republic, Slovak Telekom and Ardagh Glass Packaging-Europe.
Once fully operational, VIFOR will be one of Europe’s largest onshore wind farms. Close to the Carpathian Mountains and benefiting from exceptional wind yields, the project will generate enough clean energy to power more than 270,000 homes and will avoid approximately 540,000 tonnes of CO2e annually.
As with all Rezolv Energy’s projects, VIFOR is being built in alignment with globally recognized frameworks for environmental and social sustainability, including the IFC Performance Standards for Environmental and Social Sustainability, the EBRD Performance Requirements, and the Equator Principles. These standards go well beyond compliance, ensuring that the wind farm meets the highest benchmarks for mitigating risks, protecting biodiversity and fostering positive outcomes for local communities.