A fund set up by Modus Asset Management has acquired a 55MW solar portfolio of ground mounted solar photovoltaic farms in Latvia in cooperation with Baltics developer Evecon.
The portfolio has been developed by Evecon SIA and consists of 10 projects located around Latvia. It includes sites with bi-facial modules as well as single-axis trackers and fixed tilt technology.
The portfolio is close to ready-to-build (RTB) stage.
Engineering, procurement, and construction (EPC) services will be provided by WiSo Engineering OÜ, an Evecon group company.
Under the terms of the agreement, the value of the RTB acquisition transaction or EPC services will not be disclosed.
The acquisition was implemented through Clean Energy Infrastructure Fund, the fourth fund launched by Modus Asset Management.
The fund reached its first closing in May 2023 and has a target size of €200m and invests in solar PV, onshore wind, and battery storage projects from late development up to turnkey stages.
Investment geography covers the Baltic States, Poland, and other Central European countries.
Evecon SIA chief executive Gatis Lazda said: “Evecon is a fast-growing renewable energy company with an ambitious development plan in the Baltics and one of the largest portfolios of solar parks in Latvia.
“To develop our projects, we use the experience gained by the Evecon group developing and installing renewable projects to achieve the maximum performance result.
“We are pleased to cooperate with such a strong professional partner to implement new renewable energy projects in Latvia.”