OX2 Sells 99.2 MW Wind Project in Romania to Nala Renewables
OX2 has finalized an agreement to sell a 99.2 MW onshore wind project in Eastern Romania to Nala Renewables, a joint venture between IFM Investors and Trafigura, for 2.48 billion SEK. The project will feature 16 Vestas V162-6.2 MW turbines and has secured grid access through a contract with Transelectrica signed in March 2023. Construction is set to begin in Q3 2024, with commissioning expected in H1 2026.
The deal includes a 12-year PPA with a multinational corporate offtaker, covering a significant portion of the wind farm's electricity output. OX2 will manage the construction and, once commissioned, the technical and commercial operations of the project.
Lăcrămioara Diaconu-Pințea, Country Manager OX2 Romania, stated, “The completion of our first sale in Romania strengthens our position in a growing market. By managing the entire life cycle of the project, from development and establishment of a 12-year PPA to construction and asset management, we create tangible and long-term value, contributing significantly to the energy transition.”
The wind farm will produce approximately 312 GWh annually, enough to power 51,000 households and save around 150,000 tonnes of CO2-equivalent emissions per year. The project adheres to the International Finance Corporation's (IFC) Performance Standards on Environmental and Social Sustainability.
Paul Stormoen, CEO of OX2, commented, “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 in 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.”
Remy Verot, COO of Nala Renewables, added, “We are very pleased to sign our first wind project with OX2 with whom we have built a long-term partnership over the last 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.”
OX2 is currently in the process of selling another wind project of similar size in the same region, expected to close in late 2024. Since entering the Romanian market in 2021, OX2 has expanded its portfolio to five onshore wind projects totaling 620 MW.
Source: energycentral
