Modus Asset Management acquires 16 MW turnkey solar PV portfolio in Poland from Renesola
8 December 2020
Modus Asset Management 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.