Companies controlled by Modus Poland Solar Fund I have secured 58 million euros in debt financing from Poland-based banks BNP Paribas Bank Polska and PKO Bank Polski (27 July).
Modus Poland Solar Fund I is a closed-end investment fund for informed investors, managed by the Lithuania-based asset management company Modus Asset Management.
“We are pleased to have such reliable and committed partners supporting us in our goal of accelerating the region’s transition to renewable energy. We have been active in the Polish renewable energy market since 2018 and the accomplishment of such size debt financing proves us that we are on the right path. Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind”, said Povilas Pečiulis, CEO of Modus Asset Management.
The investment facility will be utilised to finance the acquisition of a 93-megawatt (MW) operational solar PV portfolio in Poland.
“PKO Bank Polski is the leader in financing the green transition in Poland. We are proud to support Modus Asset Management in the implementation of the RES [renewable energy sources] projects, which is part of our policy of financing the development of renewable energy. As the largest Polish bank for business, we want to jointly counteract climate change and contribute to the transformation of the Polish energy system. This investment is another important step on the way to achieving the goal”, said Marcin Majewski, Head of Corporate Customer Relations Division in PKO Bank Polski.
The portfolio’s revenues will come from a combination of corporate power purchase agreements (PPA) and contracts for difference (CfD) auction tariffs. Additionally, alongside the investment facility, the lenders will furnish a bank guarantee for the corporate PPA.
