OX2 unloads 99-MW Romanian wind farm project to Nala

Swedish renewables developer OX2 AB (STO:OX2) has clinched a deal to sell a 99.2-MW wind project in Romania to Nala Renewables in a move enabling the British green energy developer to further expand its business in Central and Eastern Europe.

The transaction is worth SEK 2.48 billion (USD 234.9m/EUR 213.8m), the vendor said on Monday. The given price includes both the acquisition of the wind park and its construction, which will be handled by OX2. The Swedish firm will also take care of the technical and commercial management of the future power plant.

The project covered by the agreement is located in eastern Romania and envisages the installation of 16 turbines of Vestas Wind Systems’ V162-6.2 MW. Grid access has been arranged with transmission system operator Transelectrica and construction is anticipated to start in the third quarter. The plant’s commissioning is scheduled for the first half of 2026.

Along with signing the sale agreement, OX2’s first such deal in Romania, the partners have sealed a 12-year power purchase agreement (PPA) with a multinational corporate offtaker for “a significant part” of the wind farm’s future output. The plant’s entire generation is expected to be around 312 GWh, or enough to cover the annual demand of about 51,000 homes.

Nala Renewables is a 50/50 joint venture between funds managed by global investment manager IFM Investors and Singapore-based commodities trader Trafigura Group Pte Ltd. It said separately that funds for the purchase will come from debt financing provided by Erste Group.

OX2 has been active in Romania since 2021 and now has a 620-MW portfolio comprising five onshore wind projects. The company said it is in the process of divesting another wind project in the Balkan country later this year.

(SEK 10 = USD 0.947/EUR 0.865)

Choose your newsletter by Renewables Now. Join for free!