The Clean Energy Infrastructure Fund, owned by Modus Asset Management, has raised €85 million in the first phase of fundraising, Modus reported. The fund will invest in solar and wind power projects in Poland (up to 50% of the funds raised), as well as in the Baltics and other Central European countries.
Modus Asset Management is currently involved in more than a dozen acquisition processes, and the capital raised will allow further investment in the development of its portfolio of RES assets. By the end of 2022, through special purpose funds, Modus Asset Management had acquired projects with a total capacity of 113 MW from various developers in Poland.
“Poland is currently one of the key markets in our strategy. To date, we have successfully operated here through the Modus Poland Solar Fund I, which confirms our strong position in the region. The Clean Energy Infrastructure Fund is designed to help accelerate the transition towards RES. It is designed to increase our exposure in Poland, where we plan to invest up to 50% of the funds raised in clean energy development,” said Modus Asset Management CEO Povilas Pečiulis.
The fund will invest in photovoltaic and wind projects, as well as co-located energy storage. The total installed capacity, in the fund’s portfolio, is expected to reach 600 MW. The fund will focus on late-stage and construction-ready projects, as well as turnkey transactions, it was announced.
According to the main investors: European Investment Fund and Swedbank, there is a strong demand for RES investment funds such as the Clean Energy Infrastructure Fund in the region.
Clean Energy Infrasrtucture Fund is the fourth renewable energy fund launched by Modus Asset Management. It currently has the highest sustainability rating among Dark Green financial products and is based on long-term investments. The investment period of the fund is five and its life cycle is ten years. It has a target value of €200 million, with a hard cap of €350 million.
Modus Asset Management is a licensed and regulated asset manager specialising in renewable energy. It currently invests in Poland, the Baltic States and some Central European countries.
Source: Modus Asset Management and ISBnews
