Nala Renewables Acquires Wind Portfolio & Further Expands CEE Presence

Nala Renewables, a global power and renewable energy investment platform and independent power producer, announced today the acquisition of an onshore wind project from OX2, located in eastern Romania. The project is expected to start construction during Q3 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+ portfolio of renewable energy projects.

The project will consist of 16 Vestas V162-6.2 MW™ wind turbines and is expected to be commissioned during the first half of 2026. It is expected to support Nala’s contribution to the UN Sustainable Development Goals by generating around 312 GWh of clean energy per year, representing the energy use of around 51,000 households, as well as saving approximately 150,000 tonnes of CO₂ equivalent emissions per year^*.

The deal reached by Nala with OX2 includes a 12-year PPA (Power Purchase Agreement) with a 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.

“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”, said Remy Verot, COO of Nala Renewables.

“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”, said Paul Stormoen, CEO of OX2.

“Erste Group is committed to supporting the transition to renewable energy sources, with this project being a major step towards this goal. We are confident that this project will be a very successful investment for the energy transition in Romania, as well as for our partners and our group,” said Ingo Bleier, Chief Corporates and Markets Officer of Erste Group.