Modus Asset Management and Šiaulių bankas agreed on 21 million euro in funding for the construction of a wind farm in Jurbarkas district municipality 

Modus Asset Management, a specialised renewable energy fund management company, and Šiaulių bankas have agreed on 21 million euro in funding for wind turbines in Lithuania. The funds will finance a 16.5 MW wind farm in Jurbarkas district municipality.   

Šiaulių bankas provided financing to Clean Energy Infrastructure Fund (CEIF), a closed-end investment fund managed by Modus Asset Management for informed investors.  

The wind farm will have a total annual production capacity of 56 GWh. The park will be able to provide electricity to around 17 000 households annually and save 6700 tonnes of CO2 emissions. 

“CEIF’s main objective is to accelerate the region’s green energy transformation by increasing local clean energy generation capacity and offering attractive institutional-level investment opportunities in the renewable energy asset class. The financing provided by Šiaulių Bankas to the wind farm under development contributes to the realisation of these goals and also to the enhancement of Lithuania’s energy independence,” says Povilas Pečiulis, the CEO of Modus Asset Management.   

“We appreciate Modus Asset Management’s extensive experience and consistent investments in renewable energy. We are happy to contribute to the creation of a greener Lithuania with our funding,” says Rimvydas Mockus, Head of Vilnius Region at Šiaulių bankas.  

CEIF is the fourth closed-end fund for informed investors launched by Modus Asset Management in 2023. The fund invests in solar, surface wind and green energy storage projects from late-stage development to fully completed projects. The fund invests in the Baltic States, Poland and other Central European countries and has the highest dark green sustainability rating and focuses on long-term investments. 

The CEIF’s total portfolio currently stands at more than 84 MW, with renewable energy projects spread across Lithuania, Latvia and Poland.  The Fund has already attracted €85 million in investments. CEIF’s main investors are the European Investment Fund and Baltic pension funds.