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Commodity trading giant Trafigura’s subsidiary Nala Renewables bought a ready-to-build photovoltaic project of 61 MW in western Romania. The firm said it would use the option to add batteries.
Renewables developer Monsson completed the cycle in another investment. The company, part of Monsson Group, controlled by Swedish-Monégasque businessman Emanuel Muntmark, agreed to sell a solar power project of 61 MW in peak capacity to Nala Renewables.
The buyer is a joint venture of global metals and energy trader Trafigura with IFM Net Zero Infrastructure Fund, managed by IFM Investors from Australia. Nala Renewables is active in electricity and renewable energy.
The site is between the villages of Măureni and Șoșdea in Caraş-Severin in western Romania. The area spans 77 hectares. Trafigura and Nala Renewables expect construction to begin before the end of the current quarter. The companies said the facility would come online next year.
PV project has 12-year PPA
The solar power plant was originally planned at 69 MW in peak capacity, according to domestic media. It should connect to a 110 kV line.
Nala Renewables estimates annual output at 80 GWh, equivalent to the electricity needs of 13,000 Romanian households. It said it intends to add a battery energy storage system (BESS), an option within the project, and integrate it with the solar power plant.
Upon completion, the project will deliver electricity under a power purchase agreement, PPA, of “at least twelve years,” the firms revealed, but without further details.
“All of our projects have large battery energy storage systems considered in their design because our vision is that renewable energy can be delivered also as baseload,” Monsson’s head of mergers and acquisitions Sebastian Enache stated.
The company has 5 GW of wind power and PV projects in the pipeline in Romania. It provides turnkey services for designing, developing, constructing and operating renewable energy and storage units.
Monsson participated in one of the largest solar power projects in Europe with batteries. It recently sold its 10% stake to Rezolv Energy, now the sole owner. The Dama Solar site is in Pilu-Grăniceri area in Arad in western Romania. However, Monsson apparently kept the land.
Romania is attractive for investments in renewables
Nala Renewables aims to create a 4 GW renewable energy portfolio on a global scale by next year. Its focus is on solar and wind power and BESS in Europe, Latin America and the United States.
Romania is an attractive country to develop, acquire, build and operate renewables, in part due to a supportive regulatory environment driven by ambitious renewable energy targets said Director of Nala Renewables Will Herlinger. He said the firm, headquartered in Geneva and London, may remain active in Central and Eastern Europe.
Trafigura’s net income in the financial year through September 2023 came in at USD 7.4 billion, from USD 244.3 billion in revenues.
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