OX2, a major player in renewable energies, has signed an agreement with Nala Renewables for the sale of a 99.2 MW wind power project in Romania.
The project, located in the east of the country, will comprise 16 Vestas V162-6.2 MW™ turbines.
Grid connection is guaranteed by a contract signed with Transelectrica in March 2023.
Construction, carried out by OX2, will begin in the third quarter of 2024, with commissioning scheduled for the first half of 2026.
The agreement includes a 12-year PPA (Power Purchase Agreement) with a multinational electricity buyer, covering a significant proportion of the park’s output.
This PPA ensures financial stability and long-term visibility for the project.
Environmental Impact and Local Involvement
The wind power project meets the performance standards of the International Finance Corporation (IFC), a member of the World Bank Group.
The wind farm will generate around 312 GWh per year, covering the annual electricity consumption of 51,000 households and avoiding the emission of 150,000 tonnes of CO2 equivalent per year.
These figures illustrate the project’s considerable impact on reducing greenhouse gas emissions and promoting renewable energies.
Lăcrămioara Diaconu-Pințea, Country Manager of OX2 Romania, states: “The completion of our first sale in Romania strengthens our position in a growing market. By managing the entire project lifecycle, we are creating tangible, long-term value, making a significant contribution to the energy transition.”
Future prospects and developments
Once operational, OX2 will be responsible for the technical and commercial management of the park, optimizing production and supervising operations.
Paul Stormoen, CEO of OX2, expresses his satisfaction with this first sale in Romania and thanks all parties involved, especially Nala Renewables.
He underlines the interest of investors in this project, including a PPA with a strong partner.
Remy Verot, COO of Nala Renewables, is delighted with the partnership with OX2, highlighting Nala’s ability to secure contracted assets and meet the growing demand for renewable energy APPs from multinational organizations.
OX2 is also pursuing the sale of another wind project of similar size in the same region, with a transaction scheduled for the end of 2024.
Since entering the Romanian market in 2021, OX2 has established a local team and increased its portfolio to five onshore wind projects totaling 620 MW. This transaction illustrates OX2’s ability to establish itself as a key player in the field of renewable energies in Romania, while actively contributing to the country’s energy transition. The success of this project could attract further investment in the sector, consolidating Romania’s position on Europe’s renewable energy map.
