Modus Asset Management has secured EUR 20 million in debt financing from Swedbank AS to construct a 57 MW solar PV portfolio in Latvia. The portfolio, which comprises ten projects, represents a significant step in Latvia’s shift towards renewable energy.
A Major Step for Renewable Energy in Latvia
This new financing marks a notable development for Latvia’s renewable energy sector. The initiative, spearheaded by Modus Asset Management and backed by Swedbank AS, will establish a 57 MW solar PV portfolio nationwide, representing a significant stride towards sustainable energy solutions.
As a leader in renewable energy investments, Modus Asset Management is renowned for its focus on the energy transition in the Baltics and Central Europe. The financing will accelerate the construction of the solar portfolio, which is expected to produce 64 GWh of electricity annually.
This output is enough to supply green electricity to over 30,000 households each year, strengthening domestic generation and advancing the regional energy transition.
Povilas Pečiulis, CEO of Modus Asset Management, shared his enthusiasm for the partnership. “We are delighted to continue our partnership with Swedbank and extend it to Latvia. The solar pv park portfolio under construction is one of the largest in Latvia and will allow us to provide green electricity to more than 30,000 households annually. Bringing the portfolio to operations will further accelerate regional energy transition and strengthen domestic generation.”
Double-Sided Solar Modules
The solar PV parks under construction will use advanced double-sided solar modules, incorporating both single-axis tracking and fixed-angle technology. This approach is designed to maximize efficiency and energy output, ensuring the solar panels can generate electricity more effectively throughout the year. The first parks in the portfolio are expected to become operational later this year, with the remainder scheduled to come online early next year.
Double-sided solar modules.
Managed by Modus Asset Management, the Clean Energy Infrastructure Fund focuses on renewable energy investments in the Baltic States, Poland, and Central Europe. The fund aims for a total installed capacity of 600 MW with a target size of EUR 200 million and a hard cap of EUR 350 million.
Awarded the highest sustainability rating, the fund emphasises long-term, sustainable investments in solar PV, onshore wind, and battery storage systems.
Swedbank’s Commitment to Sustainability
Jevgenijs Ivanovs, Swedbank Board Member and Head of the Corporate Customer Division, highlighted the importance of this investment for Latvia’s energy independence and the broader transition to sustainable energy solutions.
“We are delighted to partner with Modus Asset Management on this significant milestone, marking the beginning of a fruitful cooperation in Latvia based on mutual trust and competitive terms. This investment in the solar PV portfolio will significantly support and facilitate the transition towards energy independence of our country and numerous households,” Ivanovs stated.
“Our commitment to enabling sustainable energy solutions aligns perfectly with Modus Asset Management,” he continued. “By investing in renewable energy production, we are not only fostering a greener future but also ensuring reliable energy sources for generations to come. We look forward to a continued partnership that drives innovation and sustainability, proving that with trust and collaboration, anything is possible.”
This EUR 20 million financing for the Latvian solar PV portfolio is a testament to the commitment to advancing renewable energy infrastructure in the region. The project not only strengthens Latvia’s energy independence but also contributes to the broader goals of sustainability and environmental stewardship. As the solar parks begin to come online, they will serve as a model for future renewable energy projects in the Baltics and beyond, demonstrating the potential of innovative technologies and strategic partnerships in driving the global energy transition.
