VILNIUS - Modus Energy, the renewable energy arm of Lithuania's car business, real estate development and energy group Modus Group,is set to invest 11 million euros in building 12 new solar power plants in Poland.
Electricity generated by the new plants will be sold to Polish power grid operators, Modus Group said in a press release on Tuesday.
"Poland is attractive for our expansion due to the size of the market, the state's focus on the renewable energy sector development and a favorable business environment," Modus Energy Chairman Ruslan Sklepovic said in the press release.
"In implementing other projects, we expect to attract external investors as well," he said.
Modus Energy plans to carry out over 50 projects in Poland with a total capacity of around 56 megawatts (MW) and investments of more than 50 million euros.
The company is developing solar power projects in Poland after winning auctions launched by its government. The neighboring country has already run auctions for solar energy projects with a total capacity of almost 400 MW.
Modus Energy is also implementing projects in Lithuania, Latvia, Belarus and Spain, where it has set up companies and has installed a dozen solar power plants with a total capacity of over 20 MW.