Modus Asset Management Acquires 55 MW of Solar Projects in Latvia

Modus Asset Management, a Lithuania-based renewables investor through its Clean Energy Infrastructure Fund (the “Fund”), and Evecon, a solar and wind project developer, have entered into a transaction whereby the Fund will acquire a 100% stake in a 55 MW solar PV portfolio of ground-mounted solar photovoltaic projects in Latvia.

The portfolio is developed by Evecon SIA and consists of 10 projects located around Latvia and equipped with bifacial solar panels. This is one of the largest portfolios in Latvia, which will include projects with both single-axis trackers and fixed-tilt technology.

Currently, the portfolio is close to the ready-to-build stage. WiSo Engineering OÜ, an Evecon group company, will provide engineering, procurement, and construction services.

The acquisition was implemented through Clean Energy Infrastructure Fund, the fourth fund launched by Modus Asset Management.

Povilas Pečiulis, CEO of Modus Asset Management: “We are delighted to announce another acquisition transaction, building on our successful investment strategy in the core markets of Baltics and Poland. This is our first entry into the Latvian market, where we see good prospects for growth in the renewable energy industry. We are committed to further investments in the region, strengthening energy independence, and expanding clean generation sources.”

The lead financial and legal advisor for Evecon and Wiso was KPMG. The buyer’s legal advisor was TGS.

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. Scatec, a renewable energy solutions provider, signed an agreement with Globeleq, an independent power producer, to sell its 52.5% equity share in the 40 MW Mocuba solar power project in Mozambique for $8.5 million (NOK 85 million).