Modus Asset Management, in collaboration with Evecon, a leading renewables developer in the Baltics, has made a significant move by acquiring a 100% stake in a 55 MW solar PV portfolio in Latvia. The portfolio, developed by Evecon SIA, consists of 10 state-of-the-art projects equipped with advanced bifacial solar panels. This impressive portfolio includes projects with both single-axis trackers and fixed tilt technology, making it one of the largest in Latvia.
The portfolio is currently in the Ready-to-Build stage, and engineering, procurement, and construction services will be provided by WiSo Engineering OÜ, a subsidiary of Evecon. The exact value of the acquisition and EPC services remains undisclosed.
This acquisition was made through the Clean Energy Infrastructure Fund, which successfully reached its first closing in May 2023 with the support of institutional investors. The Fund is actively involved in partnering with solar and wind developers in the Baltics and Poland, acquiring solar PV and onshore wind projects at various stages of development.
With this investment, Modus Asset Management strengthens its presence in the renewable energy sector and demonstrates its commitment to contributing to the clean energy transition.