Discover our upstream and downstream technical journals
Modus' moves in Poland come as the country plans for an auction-driven boom of utility-scale solar (Credit: Winaico)

Modus' moves in Poland come as the country plans for an auction-driven boom of utility-scale solar (Credit: Winaico)

Modus Group has lined up funding for a new pipeline of small-scale solar in Poland, weeks after offloading an earlier portfolio to a financial buyer.

Real asset adviser Capcora helped the firm secure €27 million (around US$30 million) in debt to deploy 41 plants in the European state, representing an aggregate 41MW in capacity.

Modus’ statement this week did not identify the entities providing the funding package, other than describing them as “two Western Europe based debt funds”.

The company will draw further financing from its own funds, with a view to mobilise a total of €36 million (around US$40 million) in investments for the 41MW pipeline.

The 41 projects will be rolled out by Modus subsidiary Green Genius and should, PV Tech understands, wrap up construction by late 2019 or early 2020.

For Modus, the new Polish foray follows its divestment of another similar-sized portfolio of Polish solar, offloaded to asset manager Aberdeen Standard Investments in early July.

Also developed by Green Genius, the sold portfolio featured 49 solar plants, with total capacity sitting at 45.4MW. Modus billed the deal as the largest transaction seen in Polish PV to date.

The build-up in Poland follows last year’s move by Modus to deploy its first-ever PV project in Ukraine, a 35MW scheme in the region of Zhytomyr that should go live in H2 2019.

Both Eastern European states are currently drawing the attention of foreign solar players, with Poland planning for an auction-driven utility-scale boom and growth on the small-scale front.

Ukraine, meanwhile, is too seen as promising among foreign players as it moves from feed-in tariffs to auctions.

According to Wood Mackenzie, the country will grow to install 1-5GW by 2024, becoming one of few “engines” driving global solar momentum.

Tags: poland, eastern europe, europe, small-scale pv, domestic pv, residential pv, residential solar, modus, modus group, aberdeen standard investments, solar pv, pv power plants

Solar Media Events

PV ModuleTech

Mar 10 - Mar 12, 2021

Penang, Malaysia (also available virtually)

Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.

Find out more

Solar Media Events

Solar Finance & Investment Europe

Feb 03 - Feb 04, 2021

London, UK

The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.

Find out more