• 2023-07-20

Clean Energy Infrastructure Fund (the “Fund”), a closed-end investment fund for informed investors managed by Modus Asset Management and Evecon - one of the leading renewables developers in the Baltics, have entered into a transaction whereby the Fund will acquire a 100% stake in a 55 MW solar PV portfolio of ground mounted solar photovoltaic farms in Latvia.  

The portfolio is developed by Evecon SIA and consists of 10 states of the art projects located around Latvia and equipped with bifacial solar panels, having a total installed capacity of 55 MW. This is one of the largest portfolios in Latvia, which will include projects with both single-axis trackers and fixed tilt technology. Currently, 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 with strong backing from institutional investors. The Fund has a target size of EUR 200 million 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. The Fund has the highest sustainability rating of Dark Green financial products and is focused on long-term investments.

Povilas Pečiulis, CEO of Modus Asset Management: “We are delighted to announce another acquisition transaction, building on our successful investment strategy in the core markets of Baltics and Poland. This is our first entry into the Latvian market, where we see good prospects for growth in the renewable energy industry. We are committed to further investments in the region, strengthening energy independence, and expanding clean generation sources.”

Gatis Lazda, CEO of Evecon SIA: “Evecon is a fastest 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”.

Oliver Ruus, CEO of WiSo Engineering: “Having reached a conclusion of the transaction WiSo is excited to expand our range of activities to Latvia, and we are welcoming the challenge to be responsible for the construction of the next 10 projects. Our team is eager to work with another demanding investor to complete innovative and technically diverse PV assets in fixed-tilt and single-axis tracker technology. We are working with our team and partners to integrate the latest and greatest innovations in PV technology to help our region move closer to fulfilling renewable energy goals”.

The lead financial and legal advisor for Evecon and Wiso was KPMG. The buyer’s legal advisor was TGS.

About Modus Asset Management:

Modus Asset Management is a licensed and regulated asset manager with a focus on the renewable energy sector. The company strives to expedite the clean energy transition in the countries it operates in and create attractive investment opportunities for investors. Current investment geography of the funds managed by Modus Asset Management includes Poland, Baltic States, and selected Central European countries.

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