Modus Asset Management has secured EUR 20 million (USD 21.7 million) in debt financing from Swedbank AS to support the construction of a significant 57-MW solar photovoltaic (PV) portfolio in Latvia.
The financing, facilitated through the Clean Energy Investment Fund, aims to propel Latvia towards greater renewable energy adoption.
The portfolio comprises 10 separate solar projects, with the first installations slated for completion later this year and full project delivery expected by early 2025.
Together, these solar parks are projected to generate approximately 64 GWh of clean electricity annually, enough to power over 30,000 households.
“This 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,” stated Povilas Peciulis, CEO of Modus Asset Management.
Launched last year, the Clean Energy Infrastructure Fund targets a size between EUR 200 million and EUR 350 million. It focuses on investments across the Baltic States, Poland, and other Central European countries, emphasizing solar PV, onshore wind, and co-located battery storage systems. The fund's portfolio aims to achieve a total installed capacity of 600 MW, contributing significantly to regional renewable energy goals.
