Nala Renewables, a global power and renewable energy investment and development platform, has expanded its footprint in Lithuania through the acquisition of a 34MWp operational solar photovoltaic (PV) portfolio from Green Genius, a renewable energy group. This initial acquisition is part of a larger agreement with Green Genius, under which Nala will acquire an additional 45MWp of PV projects in the near future, bringing the total capacity to 79MWp.
The completed portfolio, with a total capacity of 79MWp, is projected to generate approximately 96,000 MWh of clean energy annually. This production is capable of powering about 9,500 households and is expected to reduce carbon emissions by roughly 20,000 tonnes each year. The already operational solar PV portfolio is securing stable financial returns through offtake agreements that have not been disclosed.
“We’re delighted to have expanded into Lithuania via the acquisition of this operational PV portfolio from Green Genius, a well-established counterparty,” said Will Herlinger, Director at Nala Renewables. “We see Central and Eastern Europe as a strategic region for our business and plan to continue to grow our presence there.”
Rokas Bancevičius, CFO of Green Genius, also expressed enthusiasm about the partnership and said, “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.”
