Nala Renewables, a leading global platform for investments and development in power and renewable energy, has acquired a 34 MWp operational solar photovoltaic (PV) portfolio from Green Genius, a well-established renewable energy group.
This strategic acquisition marks Nala’s expansion into the Central and Eastern European market.
Expansion Through Additional PV Projects
Furthermore, Nala has secured an agreement with Green Genius to acquire an additional 45 MWp of PV projects in the near future, bringing the total portfolio size to 79 MWp.
These projects are all situated in Lithuania, solidifying Nala’s presence in OECD markets.
Clean Energy Generation and Sustainability Goals
The acquired solar PV portfolio is already operational and contributing to Nala’s commitment to the UN Sustainable Development Goals.
Once fully operational, the 79 MWp portfolio is projected to generate approximately 96,000 MWh of clean energy annually, equivalent to powering around 9,500 households. This also translates to an estimated reduction of 20,000 tons of CO2-e emissions per year.
Revenue Security Through Offtake Agreements
The portfolio benefits from offtake agreements, ensuring revenue stability over the medium term. However, the specific terms of these agreements remain confidential.
Strategic Importance of Central and Eastern Europe
Will Herlinger, Director at Nala Renewables, expressed enthusiasm about the expansion, stating, “We are pleased to have entered the Lithuanian market through the acquisition of this operational PV portfolio from Green Genius, a reputable partner.
We recognize Central and Eastern Europe as a strategic region for our business and have plans to further expand our presence there.”
Green Genius Acknowledges Project Quality
Rokas Bancevicius, CFO of Green Genius, welcomed Nala Renewables’ entry into Lithuania and acknowledged the quality of the renewable energy projects developed and built by their team, stating, “We are excited that Nala Renewables has chosen projects developed and built by Green Genius as their entry point to Lithuania.”