Nala Renewables acquires wind portfolio and further expands CEE presence

London, 05 August 2024 – Nala Renewables, a global power and renewable energy investment platform and independent power producer, announces that it has acquired a 99.2 MW onshore wind project from OX2, a leading company in the development and construction of renewable energy solutions active across Europe and Australia. The project is located in eastern-Romania and is expected to start construction during Q3 2024.

The acquisition is the third transaction executed by Nala during 2024 in Central and Eastern Europe (CEE). The CEE region is one of Nala’s key focus markets where Nala has a 1.5GW+ portfolio of renewable energy projects.

The project will consist of 16 Vestas V162-6.2 MW™ wind turbines and is expected to be commissioned during the first half of 2026. It is expected to support Nala's contribution to the UN Sustainable Development Goals by generating around 312 GWh of clean energy per year, representing the energy use of around 51,000 households, as well as saving approximately 150,000 tonnes of CO2 equivalent emissions per year*.

The deal reached by Nala with OX2 includes a 12-year PPA (Power Purchase Agreement) with a multinational corporate offtaker. Project financing for the transaction is being provided by Erste Group and its subsidiary Banca Comercială Română. The terms of these agreements are not disclosed.    

“We are very pleased to sign our first wind project with OX2 with whom we have a built a long-term partnership over the past months. This is a flagship transaction for Nala and also demonstrates our ability to secure contracted assets and capitalize on the increasing demand for renewable energy PPA’s from multinational organizations”, said Remy Verot, COO of Nala Renewables.

"We are delighted to announce the signing of our first sale in Romania, a market with a solid outlook for renewables. We have seen strong interest from investors for our project, which includes a PPA with a solid partner. I would like to thank all involved parties who helped make this a success and especially Nala Renewables, who are partnering with us on this project. We look forward to realizing this project and to continue to develop our portfolio in the Romanian market”, said Paul Stormoen, CEO of OX2.

“Erste Group is committed to supporting the transition to renewable energy sources, with this project being a major step towards this goal. We are confident that this project will be a very successful investment for the energy transition in Romania, as well as for our partners and our group,” said Ingo Bleier, Chief Corporates and Markets Officer of Erste Group.

ENDS

*Calculated by Nala using UNFCCC IFI Default Grid Factors  

For further information, please contact: 

Nala Renewables Press Office, Tel: +41 (0) 22 592 4528 or Email: media@nalarenewables.com 

About Nala Renewables 

Nala Renewables is a global power and renewable energy platform focused on solar, wind and battery storage projects in Europe, Latin America and the United States. Nala is a 50/50 joint venture between Trafigura, one of the world’s leading independent commodity trading companies, and funds managed by IFM Investors. By 2025, Nala Renewables’ aim is to build a global portfolio of renewable energy projects with a cumulative generative capacity of four gigawatts.

Visit: www.nalarenewables.com