A fund managed by renewables investor Modus Asset Management has obtained EUR 58 million (USD 63.8m) in debt financing for the acquisition of a 93-MW portfolio of operational solar power plants in Poland.
Companies controlled by Modus Poland Solar Fund I have received the funding from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski, it was announced on Thursday.
Modus noted that the revenues generated by the solar portfolio will be safeguarded through a corporate power purchase agreement (PPA) and contracts for difference (CfD) auction tariffs. The lenders will also arrange a bank guarantee for the corporate PPA.
The fund currently owns Polish solar photovoltaic (PV) parks with a combined capacity of more than 113 MW.
“Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind,” commented Povilas Peciulis, CEO of Modus Asset Management.
(EUR 1.0 = USD 1.099)
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