Modus Asset Management has secured debt financing of €58m to finance the acquisition of a 93MW operational solar portfolio located throughout Poland.
The lending consortium comprises BNP Paribas Bank Polska and PKO Bank Polski.
Modus Poland Solar Fund I is a closed-end investment fund that invests in operating solar power plants in Poland.
The fund owns over 113MW of solar assets in Poland.
The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreement (PPA) and contracts for difference (CfD) auction tariffs.
Additionally, alongside the investment facility, the lenders will furnish a bank guarantee for the corporate PPA.
“We are pleased to have such reliable and committed partners supporting us in our goal of accelerating the region’s transition to renewable energy.
“We have been active in the Polish renewable energy market since 2018 and the accomplishment of such size debt financing proves us that we are on the right path.
“Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind,” said Povilas Pečiulis, CEO of Modus Asset Management.