Modus Secures Debt for 22-MW Lithuanian Solar

• Modus Asset Management secures EUR 14 million from SEB Bank to finance the purchase of a solar portfolio in Lithuania with bifacial photovoltaic panels and single-axis trackers. This acquisition brings Modus' solar portfolio up to 76 MW and is expected to generate 26 GWh of electricity annually.

Modus Asset Management has secured EUR 14 million from SEB Bank to finance the purchase of a 22 megawatt solar portfolio in Lithuania. The portfolio is located in the Varena, Jonava and Radviliskis districts and is equipped with bifacial photovoltaic panels and single-axis trackers. It is expected to generate 26 GWh of electricity annually and supply its output to over 30 Lithuanian corporate off-takers. This acquisition will bring Modus' solar portfolio up to 76 MW.

Which Solar Portfolio Has Modus Asset Management Acquired?

• Modus Asset Management acquired the “Green Corridor” solar portfolio in Western Australia.
• The portfolio consists of four operational solar farms, with a combined capacity of 105 megawatts (MW).
• The four solar farms are located in Merredin, Darebin, Wongan Hills, and Kojonup.
• Modus Asset Management is investing $135 million to acquire the solar farms, which will add more than 540,000 solar panels to the grid.
• Construction of the four solar farms is expected to be completed in the first half of 2021.
• The project is expected to create around 400 jobs during the construction phase and will provide clean energy for around 60,000 homes in Western Australia.
• The project is part of the Western Australian Government’s commitment to increase the amount of renewable energy in the state’s energy mix.