Trafigura forms new venture for renewables expansion

(Reuters) - Commodities trader Trafigura Group [TRAFGF.UL] 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.

"The (Nala Renewables) business will also build and operate projects adjacent to Trafigura Group's mining, port and smelting infrastructure assets worldwide and the renewable energy generated will be used to power some of those facilities," Trafigura said.

(Reporting by Nakul Iyer in Bengaluru; Editing by David Goodman)