Modus secures debt for 22-MW Lithuanian solar purchase

Renewables investor Modus Asset Management has received EUR 14 million (USD 15.3m) in debt financing from Sweden’s SEB Bank to bankroll a 22-MW solar portfolio acquisition in Lithuania.

The funding deal was announced in a LinkedIn post on Wednesday by Gediminas Miskinis, senior project manager at SEB Lithuania. The debt was extended to the client’s Modus Remote Solar Fund I (MRSFI), which has so far attracted EUR 15 million for investment in the solar sector.

The portfolio targeted by Modus is currently under development in the Varena, Jonava and Radviliskis districts. The solar parks will be equipped with bifacial photovoltaic (PV) panels and single-axis trackers and are expected to produce some 26 GWh of electricity annually. The output is planned to be supplied to over 30 Lithuanian corporate off-takers.

The proposed purchase will lift the solar portfolio managed by Modus to 76 MW, the Lithuania-based company noted.

(EUR 1.0 = USD 1.091)

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