Nala Renewables, an IFM Investors and Trafigura-owned venture, has partnered with fellow renewable energy group Monsson to acquire a 61MW solar photovoltaic (PV) project in Western Romania.
The transaction marks the first foray into Romania for Nala, a company established in September 2020 to invest in renewable projects globally.
Construction is anticipated to commence in the third quarter of this year, with the project expected to be operational and connected to the Romanian power grid in 2025.
The project includes the ability for further capacity expansion through the addition of a battery energy storage system (BESS) which Nala plans to integrate with the project.
The PV plant benefits from a long-term offtake agreement, providing revenue security for at least 12 years from commissioning. The terms of the agreements have not been disclosed.
Will Herlinger, director at Nala Renewables, said: “We’re delighted to have closed our first acquisition with Monsson who has significant experience in developing and operating renewable energy projects in Romania.
“It’s an attractive country to develop, acquire, build and operate renewable projects, in part due to a supportive regulatory environment driven by ambitious renewable energy targets. We expect to continue to be active in the CEE region in the coming years.”
Sebastian Enache, head of M&A at Monsson, said: “We are pleased to partner with Nala Renewables on this project and support their activities in the CEE region. Monsson is committed to its role in ensuring a just transition to clean energy and a stable energy system.
“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 base load.”
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