OX2 has handed over the Green Breeze wind farm, which entered regular operation, to the owner, Nala Renewables. The 99.2 MW facility in Romania has a virtual power purchase agreement with Apple.
Nala Renewables, a joint venture between commodity trader Trafigura and investment fund IFM Investors, completed its largest project to date. The Green Breeze wind farm is located on the territory of the Cuca commune in Romania’s Galați county. The last of the 16 Vestas turbines V162-6.2 MW was built late last year.
After testing and obtaining the final license, contractor OX2 officially handed over the wind park, its first in Romania. The company, based in Stockholm, Sweden, has actually developed the project and sold it to Nala Renewables, but stayed on board to build it and now it is operating the facility.
The transaction two years ago was worth EUR 214 million.
Virtual PPA is reportedly for 12 years
Green Breeze is northeast of Bucharest, near the border with Moldova and Ukraine. Nala Renewables has signed a long-term virtual power purchase agreement (PPA) with global technology giant Apple.
The deal is reportedly for 12 years and covers a significant part of the output. Notably, virtual PPAs are financial contracts, so the producer doesn’t supply the buyer, but sells the electricity in the wholesale market. The buyer makes up for or receives the difference between the market price and the agreed price.
“Green Breeze is a significant achievement for OX2 in Romania and a strong example of our integrated model, taking a renewable energy project from development through construction and to completion and handover… Green Breeze is a strong foundation for what comes next as we continue to develop our growing Romanian pipeline,” said OX2 Romania’s Country Manager Lăcrămioara Diaconu-Pințea.
OX2 has 300 MW of wind power under construction in Romania
OX2, owned by private equity firm EQT, has three wind projects in Romania, totaling some 300 MW. They are under construction or expected to enter construction shortly, the company said.
An additional 1.2 GW of onshore wind, BESS and solar projects are in various stages of development.
In Greece, Apple has signed a long-term PPA for HELLENiQ Energy’s solar power plant of 110 MW. The facility is in Kozani in northern Greece.
