Lithuania’s Modus Group on Tuesday said it intends to invest around EUR 36 million (USD 40.2m) to install 41 solar photovoltaic (PV) plants in Poland, each with a capacity of 1 MW.
Green Genius, a subsidiary of the Lithuanian company, will take care of the project implementation, with construction expected to be completed by the start of next year. Modus Group has already secured over EUR 27 million in debt financing from two Western Europe-based debt funds and will provide the rest of the overall needed amont from its own funds. Its financial advisor in the debt financing transaction was Germany consulting firm Capcora.
“Poland is one of the strategic markets for our company,” said Ruslanas Sklepovicius, a Modus Group board member responsible for the area of renewable energy. He added that the company has already planned a new active stage of investment there in order to take advantage of the high green energy growth potential in the country.
Last month, the Lithuanian group closed the sale of a 45.5-MW solar portfolio in Poland to an infrastructure fund managed by Aberdeen Standard Investments.