Commodities trader Trafigura Group has formed a new company, Nala Renewables, as a joint venture with IFM Investors to invest in a series of solar, wind and power storage projects, it said on Monday.

Nala will build a portfolio of renewable energy projects with total capacity of 2 gigawatts (GW) within the next five years, Trafigura said in a statement.

The initiative is an extension of a partnership with Australia-based IFM that took shape when the fund manager took a 50% stake in Trafigura subsidiary Impala Terminals in 2018.

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Source: SweetCrudeReports