Nala Renewables has signed an agreement with renewable energy group Monsson to acquire a 61MW solar project located in western Romania.
Construction is anticipated to commence during the third quarter of 2024, with the array 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 Renewables plans to integrate with the project.
The solar project benefits from a long-term offtake agreement, providing revenue security for at least 12 years from commissioning.
The terms of the agreements are not disclosed.
“We’re delighted to have closed our first acquisition with Monsson who have significant experience in developing and operating renewable energy projects in Romania,” said Nala Renewables director Will Herlinger.
He added: “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.”
Head of M&A at Monsson Sebastian Enache added: “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.”