Nala Renewables (Nala), a global platform for investment and development in renewable energy and power, has acquired a 34MWp operational solar photovoltaic (PV) portfolio from Green Genius, a renewable energy group.

Source: NalaRenewables

Additionally, Nala has entered into an agreement with Green Genius to obtain an additional 45MWp of PV projects in the near future, which will expand the portfolio to 79MWp. All these projects are based in Lithuania, further establishing Nala's presence in OECD markets.

We’re delighted to have expanded into Lithuania via the acquisition of this operational PV portfolio from Green Genius, a well-established counterparty. We see Central and Eastern Europe as a strategic region for our business and plan to continue to grow our presence there.

The solar PV portfolio is currently operational and will contribute to Nala's support of the UN Sustainable Development Goals by producing approximately 96,000MWh of clean energy annually from the full 79MWp portfolio.

We are excited that Nala Renewables has chosen projects developed and built by Green Genius as their entry point to Lithuania, acknowledging the quality of renewable energy projects that our team delivers.

This output is equivalent to the energy consumption of about 9,500 households and will help in saving around 20,000 tonnes of CO2 emissions annually. The portfolio is backed by offtake agreements that ensure revenue security in the medium term, although the specific terms of these agreements have not been disclosed.