Ahold Delhaize-owner of Mega Image and Profi-and renewable energy producer Rezolv Energy (backed by investors from the U.S. and the United Arab Emirates) have signed one of the largest long-term green energy purchase agreements in Southeast Europe.
The contract is a long-term power purchase agreement structured as a “virtual PPA” (vPPA). Unlike a standard PPA-where energy is generated in close proximity to the consumer and consumed without being fed into the grid-a vPPA involves delivering energy via the national grid, with the generation source not physically connected to the beneficiary’s location, according to Curs de Guvernare.
Some of the most significant investments required for the energy transition or the adoption of renewable energy are financed through such long-term purchase agreements; these provide financiers with evidence of a revenue stream, which serves as the basis for loan repayment.
One of the largest corporate renewable energy agreements signed in Southeast Europe
The contract recently signed by the Dutch-Belgian group Ahold Delhaize-owner of Mega Image, Profi, and Shop&Go-with energy producer Rezolv Energy is a 10-year virtual power purchase agreement (vPPA). It concerns renewable electricity generated by two Rezolv Energy projects: the Dama solar project in Arad County, with a capacity of 1.3 GW, and the Dunărea East onshore wind project in Constanța, with a capacity of 300 MW.
The vPPA will cover a total of 370 GWh of renewable electricity per year from these two projects, making it one of the largest corporate renewable energy agreements ever signed in Southeast Europe.
Together, the two projects are estimated to generate approximately 2,580 GWh of electricity annually-equivalent to nearly 5% of Romania’s total electricity consumption in 2025-with Ahold Delhaize set to account for approximately 14% of the total output.
The company will receive certificates of origin for a 10-year period, starting from the moment the two projects enter commercial operation in 2029.
This agreement marks the eighth virtual power purchase agreement (vPPA) concluded by Rezolv Energy in Romania and Bulgaria, and the first with a company in the retail sector.
Largest onshore solar project in the EU
Rezolv Energy is a company launched in 2022 by the British infrastructure investment firm Actis. In 2024, Actis was acquired by the American investor General Atlantic.
Concurrently, in 2025, the European Commission approved a transaction through which the sovereign wealth fund Mubadala Investment Company, from the United Arab Emirates, became an investor in Actis alongside General Atlantic.
At the end of September 2026, Rezolv Energy announced that it had secured €561 million in financing from a consortium of 14 lenders to build the 1.3 GW Dama solar project in Arad County-a project with the potential to become the largest onshore renewable energy project in the European Union.
The financing was supported by an anchor investment from the European Investment Bank (EIB), backed by an InvestEU guarantee. The consortium of 14 lending banks includes 10 commercial banks: Erste Group, UniCredit Bank, Intesa Sanpaolo Romania, Société Générale, OTP Bank, Československá obchodní banka (ČSOB), Raiffeisen Bank SA, Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank, and Siemens Bank.
In addition, three development finance institutions are involved: the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB). The financing is supported by two Contracts for Difference (CfD) awarded to Dama Solar during Romania’s second CfD auction-covering 520 MW of the project’s capacity-as well as an additional corporate Power Purchase Agreement (PPA) with a premium-tier provider.
For context, a CfD (Contract for Difference) is a financial agreement between an energy producer and a counterparty, which may be a state-controlled operator or a designated entity. In the case of Romania, the counterparty is OPCOM (the Electricity and Natural Gas Market Operator of Romania).
The financing for Dama Solar represents the largest financing transaction signed by Rezolv Energy to date, both in terms of the size of the financing package and the number of lenders involved.
This surpasses the €291 million secured for Phase 1 of the VIFOR wind farm, the €331 million secured for Phase 2 of that project, and the €90 million secured for the St. George solar park in Bulgaria.
Rezolv Energy holds a 2.8 GW portfolio of utility-scale renewable energy projects that are either in operation, under construction, or in an advanced stage of development across Southeast Europe.
In addition to Dama Solar and Dunarea East & West, its portfolio includes the 461 MW VIFOR wind farm in Buzău County, Romania-the first phase of which entered commercial operation in October 2026-as well as the St. George solar park. The 225 MW George project in Bulgaria, which was commissioned in May 2026.
