Green Genius to sell up to 79 MWp of Lithuania solar to Nala Renewables

Lithuanian renewables developer Green Genius has agreed to sell 34 MWp of solar farms its developed and built in Lithuania to Nala Renewables in a deal that will enable Nala to expand into the Central and Eastern European market.

Announcing the deal on Monday, the companies said that Nala also signed an agreement with Green Genius to acquire a further 45 MWp of solar photovoltaic projects in the near term, which will raise the total size of its Lithuanian portfolio to 79 MWp.

The 79 MWp of solar farms will generate around 96 GWh of electricity annually, enough to meet power consumption needs of some 9,500 households. The companies also stated that there are off-take agreements attached to the portfolio.

No other details were disclosed.

Nala Renewables in a 50/50 joint venture between funds managed by global investment manager IFM Investors and Singapore-based commodities trader Trafigura Group Pte Ltd.

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

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