Modus Secures Debt for 22-MW Lithuanian Solar
Nov 23, 2023 02:25 PM ET
- 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 Secures Debt for 22-MW Lithuanian Solar Modus Secures Debt for 22-MW Lithuanian Solar](/images/sections/10/20231123/s0_12162.webp)
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.
Also read
SOLAR DIRECTORY
Solar Installers, Manufacturers