Modus Asset Management acquires 16 MW turnkey solar PV portfolio in Poland from Renesola

8 December 2020

Modus Asset Management, a specialised renewables investor and ReneSola Power, a leading global solar project developer, have finalised a transaction whereby a fund managed by Modus Asset Management will acquire a 100% stake in a 16 MW turnkey portfolio of ground mounted solar photovoltaic farms from ReneSola.

The portfolio was developed and constructed by ReneSola Power and consists of 16 state of the art projects equipped with bifacial solar panels and a total installed capacity of 16 MW. All of the projects have been awarded a 15-year contract-for-difference (“CfD”) support mechanism in Poland, ensuring stability of revenue for the projects. Under the terms of the agreement, the value of the transaction will not be disclosed.

The acquisition was implemented through Modus Poland Solar Fund I (the “Fund”), managed by Modus Asset Management. The Fund continues its active investment phase in the Polish solar sector, aiming to build the portfolio in excess of 100 MW. Its investment strategy is to partner with solar developers in Poland and acquire turnkey or operational solar projects with CfD support mechanism.

Modus Asset Management launches "Modus Poland Solar Fund I"

24 February 2020

On 24 February 2020, Modus Asset Management launched Modus Poland Solar Fund I dedicated for informed investors and received a permission to market its investment units in the Republic of Lithuania. The Bank of Lithuania is the supervision authority of the Fund, the depositary of the Fund is SEB bankas AB.

Modus Asset Management is planning to offer Modus Poland Solar Fund I investment units to Baltic investors. First closing is expected to take place in April 2020.

The Fund has a targeted commitment size of €30m and will invest in operational solar photovoltaic projects of small and utility scale located in the Poland. Duration of the fund is 4 years.

"Modus Renewable Lithuanian Subfund" secures funding and closes first acquisition

1 December 2019

On 30 November 2019, Modus Asset Management completed the first closing at  € 10 million on it's "Modus Renewable Energy Lithuanian Investments" subfund by acquiring 6 solar photovoltaic energy projects based in Lithuania.

Modus Asset Management obtains Alternative Investment Fund Manager (AIFM) license

13 November 2017

Modus Group, one of the largest group of companies in Lithuania, engaged in investment management in automotive, renewable energy, car sharing and other business areas, has set up the investment management company - Modus Asset Management. On 13 November 2017, the Bank of Lithuania granted an AIFM license to Modus Asset Management, which allows it to manage alternative investment funds dedicated to professional investors. Main investment targets of Modus Asset Management are renewable energy projects, which offer investors good risk and return balance as well as limited correlation to other investment classes.

Modus Asset Management launches "Modus Renewable Energy Fund I"

18 June 2018

On 18 June 2018, Modus Asset Management launched Modus Renewable Energy Fund I and received a permission to market its investment units in the Republic of Lithuania. The Bank of Lithuania is the supervision authority of the Fund, the depositary of the Fund is SEB bankas AB.

Modus Asset Management is planning to offer Modus Renewable Energy Fund I investment units to Baltic and Scandinavian investors. First closing is expected to take place at the year-end of 2018 with total investments of EUR 10 million. Modus Asset Management has already secured 50% of required investors’ commitments for the first closing of the Fund.

The Fund has a targeted size of €70m and will invest in operational renewable energy projects (solar photovoltaic, biogas and wind) of small and utility scale located in the EU (with a focus on Central Europe). Duration of the fund is 15 years, with targeted minimal return (IRR) of 8% and 6% annual dividend yield.