Nala Renewables has acquired a 99.2 MW onshore wind project from OX2, located in eastern Romania. The project, which will feature 16 Vestas V162-6.2 MW turbines, is slated to commence construction in the third quarter of 2024 and is expected to be operational by the first half of 2026.
This acquisition marks Nala Renewables' third transaction in Central and Eastern Europe (CEE) for 2024. The CEE region remains a key focus for the company, which boasts a portfolio exceeding 1.5 GW of renewable energy projects in the area.
The agreement includes a 12-year Power Purchase Agreement (PPA) with an unnamed multinational corporate offtaker. Project financing is being provided by Erste Group and its subsidiary, Banca Comercială Română. The specific terms of the financial arrangements have not been disclosed.
Remy Verot, Chief Operating Officer of Nala Renewables, commented, “We are very pleased to sign our first wind project with OX2, with whom we have built a long-term partnership over the past months. This is a flagship transaction for Nala and also demonstrates our ability to secure contracted assets and capitalize on the increasing demand for renewable energy PPAs from multinational organizations.”
OX2 CEO Paul Stormoen remarked, “We are delighted to announce the signing of our first sale in Romania, a market with a solid outlook for renewables. We have seen strong interest from investors for our project, which includes a PPA with a solid partner. I would like to thank all involved parties who helped make this a success and especially Nala Renewables, who are partnering with us on this project. We look forward to realizing this project and continuing to develop our portfolio in the Romanian market.”
