Modus Asset Management Acquires 55 MW of Solar Projects in Latvia

Alternus Energy, an independent power producer, acquired a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects in total: five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining project expected to achieve operation in Q1 2025.

Once operating, 10-year average annual revenues from the initial portfolio of five will be approximately $2.3 million, going to $2.8 million once all are connected. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the Project construction.

Juan Carlos Martinez Amago, Country Manager for Alternus in Spain, commented, “We are excited to grow our footprint in Spain with this attractive set of projects. This deal strengthens our presence through collaboration with local partners. We expect to actively pursue many similar projects in the years ahead. Notably, we are excited to work with our new banking partner Banco Internacional Español-Bankinter, who provided the funding to acquire the initial projects.”

Alternus Chief Executive Officer Vincent Browne noted, “This portfolio acquisition demonstrates our ability to penetrate Spain, a relatively new market for us in Europe. Spain has the potential to become a large market for us, so our dedicated local team is focused on sourcing additional accretive deals in this region. The NF Projects is a valuable addition to our pipeline, and I am fully confident that our team at Unisun will once again deliver these projects on time and on budget.”

Alternus Energy also acquired a 32 MW project called “Dancing Horse.” Dancing Horse is expected to start operating in Q1 2025 and should produce annual revenue of approximately $2.3 million when fully operational. 100% of the offtake for the project is already secured by 30-year power purchase agreements with two regional utilities.

According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in 1H 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.