Lithuania’s Siauliu bankas to fund 16.5-MW wind project of Modus

Renewables investor Modus Asset Management will obtain EUR 21 million (USD 22.8m) in debt financing for the construction of a 16.5-MW wind farm in western Lithuania’s Taurage County.

The loan will be extended by Lithuanian commercial lender Siauliu bankas, with the funds set to go to the Modus-managed Clean Energy Infrastructure Fund (CEIF), the investor said on Thursday.

The project that will benefit from the deal will create a wind farm in the Jurbarkas district municipality. The plant’s turbines will be capable of producing 56 GWh of green power annually, or enough to cover the annual demand of 17,000 homes. Details about the project’s planned commissioning were not available.

The closed-end CEIF was launched by Modus last year to invest in solar, onshore wind and energy storage projects, both completed or in the late development stages. It is focused on the Baltic States, Poland and Central European countries and currently has 84 MW in its portfolio. So far, the fund has attracted EUR 85 million in investments, while its target size is EUR 200 million.

(EUR 1.0 = USD 1.084)

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