The total capacity of the portfolio to be developed is 55 MW. The projects are currently in the development phase. This is one of the largest project portfolios in Latvia, which will use single-axis solar tracking and fixed-angle technologies. Currently, the portfolio is close to the ready-to-build stage. WiSo Engineering, an Evecon group company, will provide complete engineering, procurement, and construction services. The projects are expected to be commercially operational in the first half of 2024.
The portfolio acquisition was implemented through Clean Energy Infrastructure Fund, the fourth fund established by Modus Asset Management. In May 2023, after receiving strong support from institutional investors, the fund completed the first round of investment attraction. The target size of the fund is 200 million euros. This fund invests in solar, onshore wind, and green energy storage battery projects, from late-stage development to fully-fledged projects. Having invested in the Baltic States, Poland, and other Central European countries, the fund corresponds to the highest "dark green" sustainability category and focuses on long-term investments.
The acquisition deal is part of our successful investment strategy for Clean Energy Infrastructure Fund managed by Modus Asset Management in the Baltic and Polish markets.
TGS Baltic provided Clean Energy Infrastructure Fund / Modus Asset Management with all the necessary support to execute the transaction.
TGS Baltic partners Agnese Hartpenga and Aurimas Pauliukevičius, and associates Evija Ābele and Elīna Lesničenoka provided legal assistance.
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TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 150 lawyers across the Baltics. http://tgsbaltic.com/
