Investment platform Nala Renewables has acquired an onshore wind project from renewable energy solutions provider OX2.
Nala Renewables is a 50/50 joint venture between funds managed by IFM investors and Trafigura. IFM Investors is owned by 17 Australian pension funds while Trafigura is a Singapore-headquartered commodities firms which provides critical minerals to the energy sector, covering renewables and fossil fuels.
Financing for the acquisition was provided by Erste Bank and its subsidiary Banca Comercială Română, making it the third transaction executed by Nala Renewables during 2024 in central and eastern Europe (CEE). The investment platform currently has a 1.5GW portfolio of renewable energy projects in the CEE region.
The 99.2MW onshore wind project is located in eastern Romania and is expected to begin construction in the third quarter of 2024.
The deal reached by Nala with OX2 includes a 12-year Power Purchase Agreement (PPA) with a multinational corporate offtaker.
"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,” said Paul Stormoen, CEO of OX2.
