Renewable

September 28 (Renewables Now) - Singapore-based commodities trader Trafigura Group Pte Ltd has set up a joint venture (JV) with fund manager IFM Investors with a goal to deploy over 2 GW of renewables capacity in the next few years.

The new entity, dubbed Nala Renewables, will invest in solar photovoltaic (PV), wind and storage projects globally, Trafigura said on Monday. It wants to have these 2 GW in operation, construction or in late development stages within the next five years.

The JV will focus on projects located in markets where Trafigura already operates, mainly in Europe, Asia and select emerging markets. The capacity will be installed in proximity to Trafigura Group’s mining, port and smelting infrastructure assets so that some of them are powered with electricity from the new plants.

Trafigura said it will contribute around 250 MW of early-stage development projects to the venture and provide long-term offtake to some of the proposed assets.

"The investments will provide synergies for our new Power and Renewables trading division which is going to become a significant pillar of our trading activity over the next few years and beyond and builds on our capabilities and understanding of other energy markets," said Trafigura CEO Jeremy Weir.

Kyle Mangini, Global Head of Infrastructure at IFM, said the JV will help the fund manager lower the carbon impact of its investments.

Join Renewables Now's free daily newsletter now!