Nala Renewables, a global power and renewable energy investment platform and independent power producer, has announced its acquisition of a 99.2 MW onshore wind project from OX2, a leading developer and constructor of renewable energy solutions.
The project is located in eastern Romania and is slated to commence construction in the third quarter of 2024.
This marks Nala’s third transaction in Central and Eastern Europe (CEE) in 2024, a region where Nala already boasts a portfolio of over 1.5 GW of renewable energy projects.
Project Details and Sustainability Goals
The project will utilize 16 Vestas V162-6.2 MW™ wind turbines and is expected to be commissioned in the first half of 2026.
It is estimated to generate approximately 312 GWh of clean energy annually, equivalent to the energy consumption of about 51,000 households, and will contribute to Nala’s commitment to the UN Sustainable Development Goals by reducing CO2 emissions by around 150,000 tons per year.
Power Purchase Agreement and Project Financing
The agreement between Nala and OX2 includes a 12-year Power Purchase Agreement (PPA) with a multinational corporate offtaker.
Erste Group and its subsidiary Banca Comerciala Româna are providing project financing. Specific terms of these agreements remain confidential.
Executive Statements
Remy Verot, COO of Nala Renewables, expressed satisfaction with the partnership with OX2 and highlighted the project’s significance as a flagship transaction for Nala, demonstrating their ability to secure contracted assets and meet the growing demand for renewable energy PPAs from multinational organizations.
Paul Stormoen, CEO of OX2, expressed delight at their first project sale in Romania, a market with promising prospects for renewables. He emphasized the strong investor interest and acknowledged the collaboration with Nala Renewables in realizing this project.
Ingo Bleier, Chief Corporates and Markets Officer at Erste Group, affirmed the group’s commitment to supporting the transition to renewable energy sources and expressed confidence in the project’s success as an investment for both the energy transition in Romania and the involved partners.