BCR and Erste finance EUR 214 mln green asset acquisition of Nala Renewables in Romania

Banca Comercială Română SA and Erste Group AG announced they are financing the EUR 214 million wind farm acquisition by which Nala Renewables, a joint venture between independent commodity trading company Trafigura and IFM Net Zero Infrastructure Fund, takes over a 99.2 MW onshore wind project in Romania from Swedish company OX2.

"BCR plays an active role in promoting the transition to a green economy, and we are recognized as the main banking partner of renewable energy sources in Romania," said Bogdan Cernescu, Head of Corporate Banking BCR.

"Erste Group is committed to supporting the transition to renewable energy sources, with this project being a major step towards this goal," added Ingo Bleier, Chief Corporates and Markets Officer of Erste Group.

OX2 will be responsible for the construction of the wind farm.

Construction will start in the third quarter of 2024, while commissioning is planned for the first half of 2026.

The deal includes a 12-year PPA (power purchase agreement) with a multinational corporate offtaker. The agreement covers a significant part of the electricity output generated by the wind farm.

(Photo source: Ivan Kruk/Dreamstime.com)