Nala acquires 34MW Lithuanian photovoltaic portfolio from Green Genius

Nala, a joint venture between global investment firm IFM Investors and Singapore-based Trafigura Group, said it had also signed an agreement to acquire a further 45 MW of solar projects in Lithuania from Green Genius, which would expand its portfolio in the country to 79 MW.

The company also noted that it had signed offtake agreements for power generated from the portfolio to ensure “medium-term revenue security,” but did not provide further details about its offtake partner or the terms on which it entered into the power purchase agreement.

“We are delighted to have expanded into Lithuania by acquiring this operational PV portfolio from Green Genius, a successful Nala contractor,” said Will Herlinger, Director of Nala Renewables. “We consider the Baltics to be a key strategic region for our business and plan to continue to grow our presence there.”

The acquisition is Nala’s latest investment in the renewable energy sector, where it had a total of 3GW as of March this year. Earlier this month, the company announced it had acquired a 61MW project in Romania from renewable energy group Monssoon; Nala plans to start construction on the project in the third quarter of this year.

This is the second significant recent investment in the solar energy sector in Eastern Europe, following Fortis Energy’s acquisition of a 180 MW solar-storage project in Serbia, announced earlier today.

The deal also follows Green Genius’ €16.4 million ($17.7 million) in funding 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 500 MW portfolio in the country.

“This transaction with Nala Renewables marks an exciting milestone not only for Green Genius, but also for Lithuania and the Baltic region,” said Tadas Balsys, Head of M&A at Green Genius. “We are delighted to contribute to the development of the renewable energy sector in the Baltics by providing additional photovoltaic capacity and attracting a new institutional investor.”