European Energy executive vice-president and project development head Thorvald Spanggard stated: "With its high capacity, the green power generated in Brocēni will significantly contribute to our nation's energy grid, catalysing Latvia's shift towards a greener economy while positively impacting th Contact online >>
European Energy executive vice-president and project development head Thorvald Spanggard stated: "With its high capacity, the green power generated in Brocēni will significantly contribute to our nation''s energy grid, catalysing Latvia''s shift towards a greener economy while positively impacting the electricity market in the long run.
"As we continue to expand renewable energy infrastructure, we envision a stronger impact on our economy and energy security, ultimately benefiting citizens through reduced electricity and heating costs."
DescriptionThe project is being developed and currently owned by Alseva Innowacje. The company has a stake of 100%.Barkava Solar PV Project is a ground-mounted solar project.
About Alseva InnowacjeAlseva Innowacje SA (Alseva Innowacje) is a power company that generates and distributes electricity and heat. Alseva Innowacje is headquartered in Poland.
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Modus Asset Management has taken ownership of a 55MW ground-mounted solar PV portfolio in Latvia from renewables developer Evecon, through its Clean Energy Infrastructure Fund.
The portfolio consists of 10 PV projects, all close to the ready-to-build stage of development, all featuring bifacial PV modules in both single-axis tracker and fixed tilt configurations.
The Clean Energy Infrastructure Fund is the fourth such funding vehicle that Modus has managed. It has a target capacity of €200 million (US$224 million) for investment in solar PV, battery energy storage and onshore wind projects. It reached first financial close in May 2023.
"We are delighted to announce another acquisition transaction, building on our successful investment strategy in the core markets of Baltics and Poland," said Povilas Pečiulis, CEO of Modus Asset Management. "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."
Modus is under the supervision of the bank of Lithuania; fellow Lithuanian utility Ignitis Group (owned by the state) has bought two Latvian renewables developers in the last year. The first in September saw it take ownership of a developer with a 200MW solar and wind portfolio, and the second in January saw Ignitis acquire a 300MW Latvian solar PV pipeline.
PV Tech publisher Solar Media will be organising the second edition ofLarge Scale Solar CEEin Warsaw, Poland during 8-9 November.The event will focus on Eastern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary.
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