Modus AM has PLN 257 million in financing from BNP Paribas and PKO BP for investments in PV

Companies controlled by Modus Poland Solar Fund I, a closed-end investment fund managed by Modus Asset Management, raised PLN 257 million (EUR 58 million) in debt financing from BNP Paribas and PKO Bank Polski, Modus reported. The investment loan will be used to purchase a portfolio of photovoltaic projects with a capacity of 93 MW located throughout Poland.

The revenues from the portfolio will be hedged through a combination of a corporate power purchase agreement (PPA) and contracts for difference (CfD). Additionally, along with the investment loan, lenders will provide a bank guarantee for the PPA.

“We are pleased that such reliable and committed partners support us in achieving our goal of accelerating the region’s transition to renewable energy. We have been active on the Polish renewable energy market since 2018, and obtaining such a large debt financing proves that we are on the right track to real support for the development of green energy in Poland. Poland is one of our main markets where we are looking for further acquisition opportunities in the field of photovoltaics and onshore wind energy,” said Modus Asset Management CEO Povilas Pečiulis, quoted in the release.

“Financing green transactions, and in particular the creation of new assets in the area of wind energy, is one of our key business goals. This is also in line with our GObeyond strategy for 2022-2025, in which – as a leader in sustainable finance – we have committed ourselves to increasingly supporting customers in the energy transformation process. That is why we are very happy to establish cooperation with Modus Asset Management and participate in a comprehensive transaction covering a number of products, including a guarantee for a corporate energy recipient,” added Łukasz Pobudejski, Managing Director of the Specialist Finance Division at BNP Paribas Bank Polska.

“PKO Bank Polski is the leader in financing the green transformation in Poland. We are proud to support Modus Asset Management in the implementation of renewable energy projects, which is part of our policy of promoting the development of renewable energy. As the largest Polish bank for business, we want to jointly counteract climate change and contribute to changes in the national energy system. This investment is another important step on the way to achieving this goal,” emphasized Marcin Majewski, Director of the Corporate Customer Relations Department at PKO BP.

Modus Poland Solar Fund I is a closed-end investment fund that invests in solar power plants operating in Poland. The electricity generated from these installations is sold through corporate PPAs and CfDs. Currently, the fund has a portfolio of over 113 MW of photovoltaic assets in Poland.

Modus Asset Management is a licensed and regulated asset manager specializing in renewable energy. He currently invests in Poland, the Baltic States and some Central European countries.

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