Modus Asset Management, a specialised renewables investor and Equinor, owner of Wento, a leading onshore renewables developer in Poland have entered into a transaction to acquire a 100 per cent stake in 28 megawatts (MW) turnkey portfolio of ground-mounted solar photovoltaic farms developed by Wento.
All of the projects have been awarded a 15-year contract-for-difference (CfD) support mechanism in Poland, ensuring the stability of revenue for the projects.
“We are delighted to announce another acquisition transaction, building on our successful investment strategy in the Polish market,” said Povilas Pečiulis, CEO of Modus Asset Management. “It has been a pleasure to deal with Wento, part of Equinor, which developed and built this portfolio of outstanding quality solar parks. We retain our positive view of the Polish solar PV market, which underwent unprecedented changes in recent months. A higher degree of complexity is required to navigate power price volatility, rising financing costs, high inflation and foreign exchange fluctuations. We are committed for further investments, strengthening regional energy independence and expanding clean generation sources.”
The acquisition was implemented through Modus Poland Solar Fund I managed by Modus Asset Management. To date, the Fund has concluded acquisition transactions with multiple developers comprising 113 MW solar PV projects in Poland. The Fund continues its active investment phase, partnering with solar developers in Poland and acquiring turnkey or operational solar projects.
“Our projects are carried out to the highest market standards and utilise the most advanced technologies,” added Wojciech Cetnarski, CEO of Wento. “Through in-depth market knowledge, Wento is able to deliver superior quality assets to the interested investors while assuring attractive returns. We are glad to have entered in an agreement with Modus. This contract is another successful step in delivering our strategic goals while we continue to mature our pipeline.”