London, 29 July 2024 – Nala Renewables (Nala), a global power and renewable energy investment and development platform, announces that it has acquired a 34MWp operational solar photovoltaic (PV) portfolio from renewable energy group Green Genius. In addition, Nala has signed an agreement with Green Genius to acquire a further 45MWp of PV projects in the near-term that are expected to increase the total size of the portfolio to 79MWp. All projects are located in Lithuania, extending Nala’s presence in OECD markets. 

The solar PV portfolio is already in operation and will support Nala’s contribution to the UN Sustainable Development Goals by generating around 96,000MWh of clean energy per year from the full 79MWp portfolio, representing the energy use of around 9,500 households, as well as saving approximately 20,000 tonnes of CO2 equivalent emissions per year.* The portfolio benefits from offtake agreements that provide revenue security over the medium-term. Terms of these agreements are not disclosed. 

“We’re delighted to have expanded into Lithuania via the acquisition of this operational PV portfolio from Green Genius, a well-established counterparty,” said Will Herlinger, Director at Nala Renewables. “We see Central and Eastern Europe as a strategic region for our business and plan to continue to grow our presence there.” 

“We are excited that Nala Renewables has chosen projects developed and built by Green Genius as their entry point to Lithuania, acknowledging the quality of renewable energy projects that our team delivers,” said Rokas Bancevičius, CFO of Green Genius.

ENDS 

* Calculated using UNFCCC IFI Default Grid Factors. 

For further information, please contact :

Nala Renewables Press Office, Tel: +41 (0) 22 592 4528 or

Email: [email protected] 

About Nala Renewables 

Nala Renewables is a global power and renewable energy platform focused on solar, wind and battery storage projects in Europe, Latin America and the United States. Nala is a 50/50 joint venture between Trafigura, a market leader in the global commodities industry, and funds managed by IFM Investors. By the end of 2025, Nala Renewables’ aim is to build a global portfolio of renewable energy projects with a cumulative generative capacity of four gigawatts.

Source – Visit: www.nalarenewables.com