Romania’s 461 MW VIFOR wind farm is emerging as one of Southeast Europe’s most significant renewable energy projects, not only because of its scale but also because of the financing and revenue structure supporting its development. The project brings together institutional investment, development-bank financing, Romania’s contracts-for-difference framework and corporate power-purchase agreements, creating a model that could influence the next generation of large-scale wind projects across the region.
Developed by Actis-backed Rezolv Energy and Low Carbon, VIFOR is being built in Buzău County in two phases. The first phase consists of 192 MW from 30 turbines, while the second will add 269 MW from 42 turbines. Once completed, the project will reach 461 MW across 72 turbines. In July 2025, the developers secured incremental financing facilities of up to €331 million for Phase 2, with the EBRD participating alongside a wider group of lenders.
The financing package highlights the significant amount of capital required to develop modern wind farms. Turbines, foundations, substations and grid connections must be financed well before a project begins generating revenue. At the same time, inflation, elevated borrowing costs and volatile wholesale electricity prices have made project financing more challenging across Europe. Developments relying entirely on merchant electricity prices are increasingly finding it harder to reach final investment decisions.
VIFOR seeks to reduce these risks through a diversified revenue structure. Part of the project has secured support through Romania’s CfD programme, while the developers have also entered into corporate offtake agreements. One of the most notable is a ten-year virtual PPA with Bulgaria-based aluminium and automotive-components producer Etem Gestamp, described as Bulgaria’s first publicly announced cross-border wind PPA.
The cross-border agreement could prove particularly significant for the regional market. It demonstrates how an industrial consumer in one Southeast European country can use a financial contract to support renewable generation in another. Such arrangements expand the potential customer base for utility-scale renewable developers, especially in smaller markets where relatively few companies have sufficient electricity demand to absorb the output of a large project. They can also help industrial companies manage electricity-price and carbon exposure without waiting for new renewable capacity to be developed domestically.
The project’s environmental impact is also substantial. IFC estimates that the full VIFOR project could reduce emissions by approximately 500,000 tonnes of CO₂ equivalent annually. Wind generation should complement Romania’s rapidly expanding solar fleet by producing electricity across a broader range of hours rather than concentrating output primarily around midday. A more diversified renewable generation mix can reduce, although not eliminate, the need for storage and flexible generation.
VIFOR also highlights the grid and system challenges that accompany large-scale renewable development. A 461 MW wind farm requires sufficient transmission capacity, timely grid-connection works and access to liquid balancing markets. Wind generation can fluctuate considerably over short periods, increasing the importance of accurate forecasting, reserve capacity and flexible resources. As renewable penetration rises, the ability of the surrounding power system to absorb and balance new generation will become just as important as the quality of the underlying wind resource.
For Romania, VIFOR represents a return to very large-scale wind investment after roughly a decade of slower development. For the wider SEE market, the project demonstrates how renewable projects are increasingly becoming layered financial structures rather than simple merchant investments. Public price stabilisation can secure part of the revenue, corporate buyers can provide long-term demand, development institutions can help absorb specific risks, and private investors can supply the remaining equity.
The model will not be equally applicable across every Southeast European market. Western Balkan countries without mature CfD mechanisms, liquid power markets or investment-grade corporate buyers may continue to require stronger public guarantees and development-bank participation. Nevertheless, VIFOR establishes an important regional financing benchmark: 461 MW of capacity, up to €331 million in incremental Phase 2 financing, a ten-year cross-border industrial PPA and a revenue model designed to reduce dependence on pure merchant exposure.
