Lithuanian fund acquires 10 Latvian PV projects

July 20, 2023
Facebook
Twitter
LinkedIn
Reddit
Email
The Baltics is a promising growth area for European solar. Image: Green Genius.

Modus Asset Management has taken ownership of a 55MW ground-mounted solar PV portfolio in Latvia from renewables developer Evecon, through its Clean Energy Infrastructure Fund.

The portfolio consists of 10 PV projects, all close to the ready-to-build stage of development, all featuring bifacial PV modules in both single-axis tracker and fixed tilt configurations.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The Clean Energy Infrastructure Fund is the fourth such funding vehicle that Modus has managed. It has a target capacity of €200 million (US$224 million) for investment in solar PV, battery energy storage and onshore wind projects. It reached first financial close in May 2023.

 “We are delighted to announce another acquisition transaction, building on our successful investment strategy in the core markets of Baltics and Poland,” said Povilas Pečiulis, CEO of Modus Asset Management. “This is our first entry into the Latvian market, where we see good prospects for growth in the renewable energy industry. We are committed to further investments in the region, strengthening energy independence, and expanding clean generation sources.”

Modus is under the supervision of the bank of Lithuania; fellow Lithuanian utility Ignitis Group (owned by the state) has bought two Latvian renewables developers in the last year. The first in September saw it take ownership of a developer with a 200MW solar and wind portfolio, and the second in January saw Ignitis acquire a 300MW Latvian solar PV pipeline.

PV Tech publisher Solar Media will be organising the second edition of Large Scale Solar CEE in Warsaw, Poland during 8-9 November. The event will focus on Eastern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary.

This article was amended to reflect that Modus Asset Management is taking full ownership of the projects from Evecon.

Read Next

October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 
October 16, 2025
Off-grid solar company Sun King has revealed plans to set up manufacturing operations in Kenya and Nigeria.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK