Photo: Ed White on Pixabay
Nala Renewables, owned by Trafigura and IFM Investors, took over a ready-to-build wind power project in eastern Romania of 99.2 MW. The joint venture aims to start the works by the end of September.
The solar power boom in Romania is reaching new heights, but investors in wind farm projects are catching up. After entering the country’s photovoltaics market last month, Trafigura’s 50-50 joint venture with Australia-based IFM Investors said it acquired a 99.2 MW wind power project from OX2. The company, called Nala Renewables, added that the site is in the east of Romania and that construction would begin before the end of the third quarter.
Trafigura is one of the world’s largest commodity trading firms.
The renewables market in some parts of Southeastern Europe is entering its next phase as heavyweights are purchasing ready-to-build projects. But transaction models vary and OX2 is not out of the picture yet in this case – it said it would build, maintain and operate the wind power plant.
Transaction is worth EUR 214 million
The Swedish company also revealed the contract is worth EUR 214 million. The project envisages 16 Vestas V162-6.2 MW turbines. It secured a grid connection contract with Romanian transmission system operator Transelectrica in March 2023.
The two sides estimated that OX2 would commission the wind farm for Trafigura’s JV in the first half of 2026. They pointed out that the investment includes a 12-year power purchase agreement (PPA) with a multinational offtaker. It covers a significant part of the facility’s output, OX2 added.
The deal is OX2’s first sale in Romania and Nala Renewables’ third acquisition in 2024 in Central and Eastern Europe
Estimated annual output is 312 GWh, equivalent to the energy use of 51,000 Romanian households, the announcements showed. Additionally, Nala Renewables said it obtained financing from Erste Group and its subsidiary Banca Comercială Română. It didn’t disclose any details.
The deal is OX2’s first sale in Romania and Nala Renewables’ third acquisition in 2024 in Central and Eastern Europe (CEE). They highlighted what they see are favorable investment opportunities and green energy outlook in the country.
Just last month, Trafigura’s subsidiary bought a ready-to-build photovoltaic project of 61 MW in western Romania
OX2 is selling another wind power project in same area
Nala said it is developing a renewables project pipeline of more than 1.5 GW in the CEE region. It aims for a global total of 4 GW in operating capacity in 2025. Nala Renewables focuses on solar and wind power and battery storage in Europe, Latin America and the United States.
IFM Investors, owned by Australian pension funds, participates in the joint venture through its own funds. The organisation had EUR 127 billion under management on June 30.
OX2 estimated it would complete the sale of another wind project of similar size and in the same region “in the latter part of the year.” The company entered the Romanian market in 2021. It developed an onshore wind power portfolio of an overall 620 MW. OX2 is looking at opportunities in Romania in solar power and energy storage including hydrogen, too.
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