Modus Bags 55MW Latvian Solar Bloom

• Modus Asset Management and Evecon SIA partner to acquire 55MW solar portfolio in Latvia. Bi-facial module, single-axis tracker, and fixed tilt technology to be utilized. Target fund size of €200m to invest in solar, onshore wind, and battery storage project stages.

Modus Asset Management, in cooperation with Baltics developer Evecon, has acquired a 55MW solar portfolio of ground mounted solar photovoltaic farms in Latvia. The 10 projects are close to ready-to-build (RTB) stage and will use bi-facial module technology, single-axis trackers and fixed tilt technology. Engineering, procurement, and construction (EPC) services will be provided by WiSo Engineering OÜ, an Evecon group company. The fund reached its first closing in May 2023 and has a target size of €200m and invests in solar PV, onshore wind, and battery storage projects from late development up to turnkey stages. Evecon SIA chief executive Gatis Lazda said they are pleased to cooperate with such a strong professional partner to implement new renewable energy projects in Latvia. No value of the RTB acquisition transaction or EPC services were disclosed.

What Is the Value of Modus Asset Management's 55MW Solar Portfolio Acquisition?

• The Value of Modus Asset Management's 55MW Solar Portfolio Acquisition is estimated to be €200 million.
• This portfolio of 10 projects is located in Latvia, and will be developed with bi-facial module technology, single-axis trackers and fixed tilt technology.
• WiSo Engineering OÜ, an Evecon Group Company, will provide the engineering, procurement, and construction (EPC) services associated with the acquisition.
• The fund has a target size of €200m and will invest in solar PV, onshore wind, and battery storage projects from late development up to turnkey stages.
• Evecon SIA Chief Executive Gatis Lazda said that they are pleased to have partnered with such a strong professional partner to bring new renewable energy projects to Latvia.