Modus Group is to install 41 photovoltaic parks in Poland with a total capacity of 41MW, totalling €36m, having secured debt financing.
Completion of the plants’ construction is slated for the beginning of 2020.
To finance construction of the projects Modus Group has secured in excess of €27m from two Western Europe-based debt funds in two individual transactions and will use its own funds for the rest of the €36m.
Green Genius, a Modus Group subsidiary, is developing the projects.
Earlier this year, it completed 49 solar projects with a total capacity of 45.5MW in Poland, which have been acquired by global asset manager Aberdeen Standard Investments infrastructure fund.
Modus Group board member Ruslanas Sklepovicius said: “Poland is one of the strategic markets for our company.
“We see high green energy growth potential here. Therefore, we have already planned a new active stage of investment. After successful previous stage, we see strong confidence from financial institutions in our ability to deliver projects on time and on budget.”
Modus Group was advised by Germany-based financial advisor Capcora for the debt financing.