Mubadala Invests in Romania’s Renewable Project

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company Abu Dhabi, which manages assets around $300 billion, has signed a joint venture with Rezolv Energy, which is owned by sustainable infrastructure investment fund Actis for joint control of the energy producer.

Rezolv Energy, one of the most important investors in renewable energy in Romania, has ongoing projects of over 2 GW, according to report published by Profit.ro, which provides business and economic news pertaining to Romania.

The deal, which has already received the approval of the European Commission, is carried out through the purchase of shares and securities. Neither parties confirmed the deal nor disclosed the financial details.

Rezolv Energy was launched in 2022 by Actis, through its energy investment fund Actis’ Energy 5 Fund, and was supported by an initial investment of $582.6 million. Actis recently entered the portfolio of the Americans at General Atlantic, with assets under management of over $80 billion, the report said.

Rezolv Energy invests in renewable energy projects in the Central and Eastern Europe region, and intends to build, own, operate and manage renewable energy power projects including solar, wind and battery storage projects.

Rezolv Energy is also developing some of the largest Romanian renewable energy production projects, including the construction of a photovoltaic park with an installed capacity of 1.044 GW in Arad County. The project was initially part of the Monsson group portfolio of the Swedish businessman resident in Monaco Emanuel Muntmark, who is nicknamed the “wind turbine king.”

The project, called Lady Solar, will become the largest photovoltaic park in Europe once it becomes operational.

Rezolv’s Portfolio

The Rezolv portfolio in Romania also includes two wind farm projects, one with an installed capacity of 600 MW, located in the communes of Adamclisi and Deleni in Constanța county, and the other one with a capacity of 461 MW in Buzau County.

The company won four contracts for difference (CfD), for a total capacity of 951.2 MW, in the first two auctions organised by the Romanian Ministry of Energy to select renewable investments that will benefit from subsidies.

Being active in Romania, Croatia, the Czech Republic, Luxembourg, Bulgaria and Slovakia, Rezolv manages a total portfolio of 2.5 GW of solar and wind projects.

Mubadala is an investment company which invests in a wide range of asset classes, such as listed and unlisted equities, real estate and infrastructure, alternative instruments and credit. Mubadala was a significant shareholder in OMV until February last year, when it transferred its nearly 25% stake in the company to state-owned oil giant Abu Dhabi National Oil Company (ADNOC).