Lithuania's Modus buys 55-MW solar portfolio in Latvian debut

Lithuania-based renewables investor Modus Asset Management said on Thursday that it has entered the Latvian market by acquiring a 55-MW portfolio of ground-mounted solar photovoltaic projects.

The firm, through its Clean Energy Infrastructure Fund, bought the package from Estonian wind and solar parks developer Evecon SIA. The parties agreed not to disclose the financial terms of the transaction, Modus said.

The portfolio, touted as one of the largest in Latvia, contains ten projects across the country. At present, the projects are close to the ready-to-build stage and are designed to feature bifacial solar panels and both single-axis trackers and fixed-tilt racking systems.

WiSo Engineering OU, an Evecon group company, will provide engineering, procurement and construction services.

Modus Asset Management’s fourth fund, Clean Energy Infrastructure Fund is focused on renewables in the Baltic States, Poland and other Central European countries. It has a target size of EUR 200 million (USD 223.4m) and invests in solar PV, onshore wind and battery storage projects from late development up to turnkey stages.

(EUR 1.0 = USD 1.117)

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