Nala Renewables has acquired an onshore wind project from OX2.
The 99.2 MW project is located in eastern-Romania and is expected to start construction during third quarter 2024.
The acquisition is the third transaction executed by Nala during 2024 in Central and Eastern Europe (CEE).
The CEE region is one of Nala’s key focus markets where Nala has a 1.5GW-plus portfolio of renewable energy projects.
The project will consist of 16 Vestas V162-6.2 MW turbines and is expected to be commissioned during the first half of 2026.
Turbine delivery is expected to begin in the second half of 2025 with commissioning scheduled for completion in the first half of 2026.
The order also includes supply, delivery, and commissioning of the turbines.
Upon completion, Vestas will service the turbines under a 35-year service agreement.
The deal reached by Nala with OX2 includes a 12-year PPA with an unnamed multinational corporate offtaker.
Project financing for the transaction is being provided by Erste Group and its subsidiary Banca Comercială Română. The terms of these agreements are not disclosed.
Nala Renewables chief operating office Remy Verot said: “We are very pleased to sign our first wind project with OX2 with whom we have a 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 PPA’s from multinational organizations.”
OX2 chief executive Paul Stormoen added: “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 to continue to develop our portfolio in the Romanian market.”