Modus Asset Management Acquires 55 MW of Solar Projects in Latvia

PAD RES, a solar and wind project developer, secured PLN 240 million (~$58.49 million) to construct two solar projects totaling 117 MW in Poland. The financing agreement was signed with the Polish Development Fund (PFR).

The financing secured from PFR will be used for two new PAD RES investments in the Pomeranian Voivodeship, specifically near the towns of Sztum and Mikołajki Pomorskie. The planned photovoltaic farms will cover an area of about 140 hectares, enabling up to 65,000 Polish households to be supplied with clean energy.

Electrum, Climate Tech Business, has been chosen as the general contractor for both investments.

Michal Pryca, Chief Financial Officer at PAD RES, says: “We are confident that our cooperation with PFR will strengthen our position in the market. We recently announced the launch of two new investments in the Pomeranian Voivodeship, and now we are pleased to disclose that they have received PLN 240m in financing from PFR. We are very grateful for this trust and believe that through our partnership with PFR, we will not only expand our portfolio but also contribute to the further development of the renewable energy sector in Poland”.

Bartłomiej Pawlak, Vice-President of the Board of the Polish Development Fund, adds: “At PFR, we prioritize investments in sustainable development. One of our key strategic goals is to support Poland’s energy transition by investing in renewable energy projects. Our mission is to assist Polish companies operating in this sector, as every investment in green energy is an important step towards improving our country’s energy security”.

According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.

Luminous Energy, a solar and energy storage project developer, recently closed financing on the 28.5 MW Bracon Ash UK Solar Farm. The project is expected to start generating power in the summer of 2024 and generate enough electricity to power more than 9,500 households annually.