September 28, 2020 Read More →

Leading oil trader Trafigura enters renewable energy sector

ReNews.biz:

Commodity trader Trafigura Group has formed a new company to invest in solar, wind and energy storage projects globally.

Nala Renewables, a joint venture with global institutional fund manager IFM Investors, is aiming to have 2GW of projects operational, in construction or in late-stage development within the next five years.

The company will identify, build and operate projects that produce renewable energy in markets in which Trafigura already operates – primarily in Europe, Asia and certain emerging markets. It will also build and operate projects adjacent to the Trafigura Group’s mining, port and smelting infrastructure assets worldwide and the renewable energy generated will be used to power some of those facilities.

In addition to developing greenfield projects, Nala Renewables will selectively pursue opportunities to acquire assets or companies at varying stages of development that fit the investment profile of the portfolio.

“As highly experienced infrastructure investors, IFM Investors are an excellent partner for this ambitious and timely endeavour,” said Trafigura executive chairman and CEO Jeremy Weir. “The energy transition is driving the need, but also provides the opportunity to make strategic, long-term investments in renewable energy.”

More: Trafigura Group forms new renewables company

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