Renewable energy investor Modus Asset Management has secured €58 million to acquire a 93MW operational solar PV portfolio in Poland.
The portfolio’s revenue will be from corporate power purchase agreements (CPPAs) and contracts for difference (CfD) auction tariffs. Alongside the investment facility, the lenders, consisting of BNP Paribas Bank Polska and PKO Bank Polsk, will furnish a bank guarantee for the CPPAs.
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“We have been active in the Polish renewable energy market since 2018 and the accomplishment of such size debt financing proves us that we are on the right path. Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind”,” said Povilas Pečiulis, CEO of Modus Asset Management.
Currently, Modus Asset Management owns over 113MW of solar PV assets in Poland via its Modus Poland Solar Fund I.
Prior to this deal, Modus Asset Management took 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.