Modus Asset Management, one of the leading investment fund management companies specializing in energy transition in the Baltics and Central Europe, has secured EUR 20m debt financing from Swedbank AS to construct 57 MW solar PV portfolio in Latvia.
Swedbank AS has provided EUR 20m debt financing to companies controlled by Clean Energy Infrastructure Fund, a closed-end investment fund for informed investors managed by Modus Asset Management. The proceeds will be directed towards construction of 57 MW solar PV portfolio, comprised by 10 separate projects across Latvia.
The total annual electricity generation of the portfolio is expected to be 64 GWh. First parks within the portfolio will become operational still this year, with remainder to reach operational stage in the beginning of next year. The solar parks under construction will utilize advanced double-sided solar modules with both single-axis tracking and fixed-angle technology, to maximize efficiency and energy output.
Povilas Pečiulis, CEO of Modus Asset Management: “We are delighted to continue our partnership with Swedbank and extend it to Latvia. The solar power parks portfolio under construction is one of the largest in Latvia and will allow to provide green electricity to more than 30,000 households annually. Bringing the portfolio to operations will further accelerate regional energy transition and strengthen domestic generation.“
Jevgenijs Ivanovs, Swedbank Board Member/Head of Corporate Customer Division: “We are delighted to partner with Modus Asset Management on this significant milestone, marking the beginning of a fruitful co-operation in Latvia based on mutual trust and competitive terms. This investment in solar PV portfolio will significantly support and facilitate the transition towards energy independence of our country and numerous households. Our commitment to enabling sustainable energy solutions aligns perfectly with Modus Asset Management. By investing in renewable energy production, we are not only fostering a greener future but also ensuring reliable energy sources for generations to come. We look forward to a continued partnership that drives innovation and sustainability, proving that with trust and collaboration anything is possible.”
Clean Energy Infrastructure Fund is the fourth renewable energy investment fund launched in 2023 by Modus Asset Management. The Fund invests in the Baltic States, Poland, and other Central European countries, has the highest sustainability rating of Dark Green financial products, and is focused on long-term investments. The Fund focuses on solar PV, onshore wind and co-located battery storage systems. The Fund has a target size of EUR 200 million and a hard cap of EUR 350 million. The total installed capacity of the Fund’s portfolio is expected to reach 600 MW.
