Interview with Andrew Figgins, General Counsel at Rezolv Energy

There are far more similarities than differences. The legal, regulatory and commercial aspects of energy projects across different sectors are remarkably similar: securing and maintaining rights to do business in the host country, rights over land, to build, operate, store, transport, finance and sell the energy product.  I am very fortunate to have worked on world-class energy projects across different sectors and countries; joining Rezolv has felt like a continuation, with impressive projects underway in the portfolio. Rezolv seeks to operate at the intersection of climate, technology and business growth: our projects deliver clean energy while also delivering benefits for local people, economies and the environment.

The principal evolution, already upon us, is how we make best use of technology, from AI to numerous applications & platforms. Far from AI replacing lawyers, GCs need to embrace the challenge of using new technologies where they can add best value. Most often, that involves repetitive, data-focused processes, which must then be assessed by experienced lawyers to ensure they meet business priorities. AI cannot provide strategic counsel, carry out risk assessments or deliver commercial judgement.

The near-term challenges lie in continuing to develop the next generation of lawyers and to ensure that they have the opportunity to develop their legal judgement and business acumen. GCs will need to adjust to the expectations of younger lawyers, for whom new technologies are already a natural part of how they operate and deliver.

Overall, technology can help GCs and lawyers in how we do our job, and how we drive greater performance and efficiency within the business. It’s an exciting, although sometimes bewildering, environment in which to work.

Conversely, and partly arising from diverse new technologies, I see the need to protect space for GCs (and other senior business leaders) for ‘slow thinking’. So much is delivered through very efficient workflow platforms and on multiple different channels of communication: it rapidly reduces our capacity to digest complex issues. In the era of AI / multiple comms platforms, it’s increasingly difficult to be strategic. It is therefore important to retain the ability to step back from the trees, take a strategic view of the woods, and reflect on what you can see. What will not evolve is the need for GCs to be both great legal advisers and strategic commercial partners in the business.

There’s very significant momentum behind renewable energy in most of the region. Last year, 10 CEE countries added more wind and solar capacity as a percentage of total electricity generation than the EU average. Four countries – Estonia, Bulgaria, Croatia and Hungary – increased their contribution of wind and solar to total electricity generation by more than 5% in a single year.

Many CEE countries started 2024 from a lower base than the EU average. Although most of them are relatively small with every installed megawatt having a more sizeable impact than would apply in a larger country, this is still a significant achievement and illustrates the pace of change.

Notably, almost all of the additions in 2024 involved solar power capacity. Wind energy’s contribution to total electricity generation only increased by more than 1% in two CEE countries: Estonia (+5.6%) and Croatia (+2.3%). So, there is definitely scope to increase wind capacity in almost every country across the region.

The next wave of growth will be defined by hybrid projects that combine solar, wind, and storage. These deliver not only more reliable generation profiles, but also help stabilise grids and reduce price volatility, unlocking new commercial models for both IPPs and corporates.

Security of supply is primarily a focus for governments and corporate energy buyers.

For governments, Russia’s invasion of Ukraine in 2022 was, of course, a crucial pivot point. Since then, energy transition in CEE has accelerated quickly, but it is not the only factor behind the sustained political will for renewable energy. EU member states in the region also have stretching renewables targets under their National Energy & Climate Plans, and governments everywhere acknowledge the economic (as well as environmental) value of renewable energy. However, security of supply will always be a top governmental priority, and, across this region, renewable energy is understood to have a key role to play in securing it.

For corporate energy buyers, Rezolv has signed six major PPAs over the last 12 months, covering 460GWh per year – with major companies such as Deutsche Telekom, Bekaert and Ardagh. These companies were motivated by a range of different factors, but one of the most important for all of them was that a PPA offers certainty in delivering the long-term supply of clean power.

Rezolv has been successful in the two CfD auctions held so far in Romania: first, in December 2024, our wind bid for 240MW of capacity from the VIFOR wind farm was the lowest, and in the second auction last August, we were also awarded three CfDs. These bids covered 731.2MW of capacity from our Dama Solar PV project in western Romania and the Dunarea East wind farm in the southeast of the country – where, again, we were the lowest wind bid.

We were more ambitious and bid for more capacity in the second auction because the Romanian government set up the eligibility rules to facilitate support for very large-scale projects like Dama Solar and Dunarea East. It underscored governmental understanding of the vital role that major wind farms and solar parks play in the energy transition – both environmentally and economically.

There are several factors behind Rezolv’s success in the CfD auctions.

Competitive pricing was critical. In the first auction, Rezolv was able to offer the most competitive CfD prices because the development risk at VIFOR was in the past: Phase 1 construction was already proceeding well and financing was also in place. In the second auction, we were able to bid so competitively primarily because of the huge scale of Dama Solar and Dunarea East, which enables economies of scale, thereby reducing per-unit costs.

Rezolv’s sustainability strategy was another key factor: building on industry best practice and aligning with the highest international standards. Without that, we would not have secured the three major tranches of financing confirmed so far (for €712 million in total). As a result, even though the CfD auctions were price-driven once the eligibility criteria had been fulfilled, it’s fair to say that the CfD auction success also demonstrated a strong vote of confidence in Rezolv’s sustainability strategy.

Experience also played a part: Actis has bid successfully in CfD auctions around the world, so their know-how was invaluable. 

Rezolv’s ultimate plan is to take our constructed, or in construction, pipeline to 4GW – almost double the size of our current portfolio. Much, of course, will depend on the project opportunities that become available. Our interest is in utility-scale projects - so we need, as a minimum, very large, flat sites with good solar irradiation or wind yields, and the capacity for grid access close to the site. Those kinds of projects do not come up that often, but we are always on the lookout for the next opportunity wherever it may be in Central and South Eastern Europe. Until the next big opportunity does come along, our focus will be on our four existing projects in Romania and Bulgaria.

Rezolv launched in 2022, but the leadership of the company already had 15 years’ clean energy heritage in the region. They previously developed the largest wind farm in both Croatia and the Czech Republic, at the time, and the largest independent wind farm in Romania. That knowledge of the region, and of how to deliver large, complex wind and solar projects, has helped us stay agile and focused on the real priorities.

It also helps that, despite being a very fast-growing business, Rezolv remains a much more compact and streamlined organisation than I was used to earlier in my career. This is where the partnership with Actis is so valuable. It means that we can retain the advantages of a small company – speed and dynamism – while benefiting from being part of one of the largest and longest-standing sustainable infrastructure investors globally.

We have signed more PPA capacity than any other developer in SEE. Every one of our six PPA deals has been different, but the customers all had a few things in common:

• They wanted to make a real impact, and were drawn to South Eastern Europe for the same reasons that originally attracted Actis and Rezolv: because it is a region that has historically relied on fossil fuels for most of its energy needs. Replacing fossil fuel production with renewables delivers the maximum possible emissions reduction impact, and all these companies were motivated by the idea of making a tangible contribution to improving air quality and strengthening the security of supply.
• They wanted to be part of iconic projects: Every Rezolv’s project is on a scale where they will make a significant contribution to national emissions reduction targets, create jobs and deliver long-term value for local communities.
• They cared about sustainability: Rezolv is looking to set the standard in the region when it comes to sustainability, which was also an important factor for our customers.

Our strategy is to continue partnering with companies that tick these three boxes – because they are a natural fit.

While price remains a critical factor, leading buyers now look for broader value and flexibility. They want energy solutions that fit their operations: shaped profiles, hybrid portfolios, and measurable sustainability impact. At Rezolv, our strategy reflects this shift toward the next generation of IPPs - what we call IPP 2.0 - integrating solar, wind & storage, energy solutions, and sustainability into our core business model.

We are also an obvious choice for companies seeking to balance their energy procurement strategy. For example, the Deutsche Telekom Group signed three 12-year virtual PPAs with Rezolv covering 100GWh of power annually, sourced from our VIFOR wind farm in Romania. The company was specifically looking for a large-scale wind PPA: with limited installed wind capacity in the home markets of T-Mobile Czech Republic and Slovak Telekom, they turned to Romania to sign the wind PPA they needed. Companies in a similar situation are a focus for us.

Finally, because we have both wind and solar in our portfolio, we are in a position to offer hybrid PPAs with power from more than one generating asset. We have not signed a hybrid PPA yet, but it’s only a matter of time given how much interest this option is generating.

Absolutely. There’s been a slowdown in the PPA market across Europe over the last year or so. Companies are definitely taking longer to make decisions, which is understandable given the macroeconomic environment and uncertainties about the future.

However, we are very optimistic overall. The important thing is that the corporate demand for clean power has not gone away. Indeed, it will grow as we get closer to 2030 - the date to which so many multinational climate targets are tied.