Lithuania-based private equity investor Modus Asset Management has signed an agreement with Baltic renewable energy developer Evecon to purchase a portfolio of ten solar projects totalling 55MW in Latvia through its clean energy infrastructure fund.

The financial terms of the acquisition were not shared.

Modus will acquire a 100% stake in the portfolio of ground-mounted solar farms featuring bifacial solar panels along with single-axis solar trackers and fixed-tilt technology.

Considered to be one of the largest portfolios in the country, it is nearing the ready-to-build stage.

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Modus Asset Management CEO Povilas Pečiulis stated: “We are delighted to announce another acquisition transaction, building on our successful investment strategy in the core markets of the 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.”

WiSo Engineering, an Estonia-based construction services provider, secured the engineering, procurement and construction contract for the projects.

Evecon CEO Gatis Lazda stated: “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.”

The Clean Energy Infrastructure Fund is the fourth fund launched by Modus. With a target of €200m ($222.44m), the fund reached its first closure in May 2023 with support from institutional investors.

The fund will invest mainly in solar, onshore wind and battery storage projects across the Baltic States, Poland and other central European nations.