IFM Investors has agreed to acquire Trafigura’s remaining 50% stake in Nala Renewables, giving the Australian fund manager full ownership of the London-based renewables platform. The transaction, expected to close in mid-2026, ends a joint venture formed in 2020 to build more than 2 GW of solar, onshore wind and battery storage assets.

The shift is clear: IFM is no longer buying partial exposure. It is consolidating control of a platform with operating capability, European assets, Chile exposure, and a target of 10 GW in operation, construction or late-stage development by 2030.

Nala already holds more than 2 GW across solar PV, onshore wind and BESS. That makes the deal more than a shareholder reshuffle. It gives IFM direct control over development, construction and asset management decisions across a multi-technology platform.

Buyer behavior is increasingly favoring platforms that combine renewables with system flexibility.

For Trafigura, the exit completes a capital rotation from a platform that has reached its original scale target. For IFM, the acquisition strengthens its position in renewable energy M&A as infrastructure capital moves toward full-control, GW-scale platforms rather than fragmented project stakes.

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