Modus Asset Management has secured €14 million in financing from SEB Bank to facilitate the expansion of its solar power plant portfolio in Lithuania. The funds will be allocated to finance the acquisition of solar farms with a total capacity of 22MW, currently in development in the districts of Varėna, Jonava, and Radviliškis.
The financing was provided to companies owned by the Modus Remote Solar Fund I (MRSFI), a closed-end solar energy investment fund managed by Modus Asset Management, catering to informed investors.
The solar farms slated for acquisition are expected to have a combined annual generation capacity of 26GWh. They will supply electricity to over 30 companies in Lithuania. The expansion aligns with planned changes to Lithuanian legislation, allowing businesses to utilize net metering and engage in long-term contracts of 5-7 years for the supply of electricity from solar parks.
Povilas Pečiulis, CEO of Modus Asset Management, emphasized the effectiveness of this approach in ensuring an attractive fixed electricity price and a supply of green energy, with growing interest from business customers.
Artūras Vingrys, Head of Corporate and Institutional Clients at SEB Bank, highlighted the importance of investments in renewable energy to meet Lithuania's commitment to sourcing 100% of its electricity from renewable sources by 2050. The acquisition is poised to contribute to the country's green energy goals.
The solar parks in the acquisition plan will utilize state-of-the-art double-sided solar modules with both single-axis tracking and fixed-angle technology. Upon completion, the acquisition will expand Modus Asset Management's portfolio of remote solar power plants to a total capacity of 76MW.
