Modus-managed fund obtains EUR 20m in debt for Latvian PV portfolio

A closed-end investment fund managed by Modus Asset Management has landed EUR 20 million (USD 21.7m) in debt financing from Swedbank AS to support the construction of a 57-MW solar photovoltaic (PV) portfolio in Latvia.

Modus announced this on Thursday, saying that Clean Energy Investment Fund will direct the secured sum towards a portfolio made up of 10 separate projects. The first solar parks from this bundle are expected to be completed this year and the rest in early 2025. Together, they will be able to generate some 64 GWh of power a year.

“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,” commented Povilas Peciulis, CEO of Modus Asset Management.

The Clean Energy Infrastructure Fund was launched last year with a target size of EUR 200 million and a hard cap of EUR 350 million. It invests in the Baltic States, Poland, and other Central European countries with a focus on solar PV, onshore wind and co-located battery storage systems. Its portfolio’s total installed capacity is seen to reach 600 MW.

(EUR 1.0 = USD 1.084)

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