July 12, 2024

Swedbank Finances 57 MW Solar PV Portfolio in Latvia

Modus Asset Management has finalized a EUR 20 million debt financing agreement with Swedbank AS, a move that will accelerate the construction of a significant 57 MW solar power portfolio across Latvia. This development, comprising ten individual projects, marks a substantial advancement in the nation’s push towards greater energy independence and sustainability.

Swedbank Finances 57 MW Solar PV Portfolio in Latvia

Upon completion, the portfolio is projected to generate 64 GWh of clean electricity annually, an output sufficient to meet the needs of over 30,000 residential consumers. This will not only bolster domestic energy generation but also play a crucial role in the wider regional energy transition. Povilas Pečiulis, CEO of Modus Asset Management, emphasized the project’s scale and impact, stating, “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.”

Advanced Technology for Maximum Output

To maximize efficiency, the new solar parks will feature state-of-the-art technology. The facilities will deploy advanced, double-sided solar modules that capture sunlight from both sides. These will be installed using a combination of single-axis tracking systems, which follow the sun’s path, and optimized fixed-angle structures. The rollout of the portfolio is already underway, with the first parks expected to begin commercial operations later this year and the remaining projects scheduled to come online in early 2025.

This initiative is managed by the Clean Energy Infrastructure Fund, a vehicle under Modus Asset Management with a strong focus on renewable energy investments. The fund, which has received the highest sustainability rating, targets a total installed capacity of 600 MW across the Baltic States, Poland, and Central Europe, investing in solar energy production, onshore wind, and battery storage systems.

A Partnership for Energy Independence

Swedbank’s involvement underscores a strategic commitment to fostering a sustainable future. Jevgenijs Ivanovs, Swedbank Board Member and Head of the Corporate Customer Division, highlighted the project’s importance for the country. “This investment in the solar PV portfolio will significantly support and facilitate the transition towards energy independence of our country and numerous households,” he remarked.

Ivanovs further expressed confidence in the collaboration, adding, “Our commitment to enabling sustainable energy solutions aligns perfectly with Modus Asset Management. By investing in renewable energy production, we are not only fostering a greener future but also ensuring reliable energy sources for generations to come.” This partnership serves as a powerful example of how strategic financing can unlock the potential for large-scale renewable infrastructure, setting a new benchmark for sustainable development in the region.

Sources

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Swedbank Finances 57 MW Solar PV Portfolio in Latvia