Lithuanian fund acquires 10 Latvian PV projects

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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.

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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.

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