Global power platform Nala Renewables has acquired a 34MW PV portfolio in Lithuania from Lithuanian renewable power developer Green Genius.
The portfolio is currently in operation, although Green Genius did not specify how many individual projects are included as part of the deal.
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Nala, which is a joint venture managed by global investment firm IFM Investors and Singapore’s Trafigura Group, noted that it has also signed a deal to acquire a further 45MW of solar projects in Lithuania from Green Genius, which would expand its portfolio in the country to a capacity of 79MW.
The company also noted that it had signed offtake agreements for power produced from the portfolio to deliver “revenue security over the medium term,” but did not give further details on its offtake partner, nor the terms under which it had arranged to sell power.
“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,” said Will Herlinger, director at Nala Renewables. “We see the Baltics as a key strategic region for our business and plan to continue to grow our presence there.”
The acquisition is Nala’s latest investment into the renewable energy space, where it had a total pipeline of 3GW, as of March this year. Earlier this month, the company announced that it had purchased a 61MW project in Romania from renewable power group Monssoon; Nala plans to begin construction at this project in the third quarter of this year.
The news is the second significant investment made recently into the Eastern European solar space, following Fortis Energy’s acquisition of a 180MW solar-plus-storage project in Serbia, reported earlier today.
This deal also follows Green Genius’ raising of €16.4 million (US$17.7 million) for new solar projects in Romania and Lithuania, announced last October. The company noted at the time that it would use the financing to support the development of a 500MW portfolio in the country.
“This transaction with Nala Renewables marks an exciting milestone not only for Green Genius but also for Lithuania and the Baltics region,” said Tadas Balsys, head of M&A at Green Genius. “We are delighted to be able to contribute to the growing Baltics’ renewable sector by delivering additional PV capacity and attracting a new institutional investor.”
