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.