The project is located in eastern Romania and is expected to start construction during the third quarter of 2024. The deal includes a 12-year VPPA (Virtual Power Purchase Agreement) with a multinational corporate off-taker and has been structured as a complex transaction covering the transfer of shares agreement, construction assets transfer agreement (whereby OX2 will continue to be engaged throughout the construction stage and act as an interface with the key suppliers, i.e. TSA, BoP contractors) and specific industry contracts (turbine supply agreement, services availability agreement, balance of plant contracts).

Nala Renewables is a 50/50 joint venture between Trafigura and the IFM Net Zero Infrastructure Fund that focuses on building and investing in green energy infrastructure. The CEE region is one of Nala's key focus markets where Nala has a 1.5 GW+ portfolio of renewable energy projects.

CMS has advised Nala throughout the entire transaction process, from the initial stages of the project (legal due diligence) through to signing, financing, and closing. The CMS teams have provided advice and support about the due diligence process, transaction structuring, drafting, revising, and negotiating the shares sale purchase agreements and ancillary documents, drafting and negotiating the full package of construction contracts and related asset transfer agreements, assistance in respect to energy regulatory matters, assistance about environmental related issues, as well as about setting the transaction framework of site-specific interface issues,  help with obtaining the necessary regulatory clearance, as well as signing and closing proceedings.

CMS has been also advising on the project financing and continues to support Nala for post-closing actions and first drawn under the financing facility.