Companies controlled by Modus Poland Solar Fund I, a closed-end investment fund dedicated to informed investors and managed by Modus Asset Management, have secured EUR 58 million (PLN 257 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski. The investment facility will be utilized to finance the acquisition of a 93 MW operational solar PV portfolio located throughout Poland.
The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreement (PPA) and contracts for difference (CfD) auction tariffs. Additionally, alongside the investment facility, the lenders will furnish a bank guarantee for the corporate PPA.
“We are pleased to have such reliable and committed partners supporting us in our goal of accelerating the region’s transition to renewable energy. We have been active in the Polish renewable energy market since 2018 and the accomplishment of such size debt financing proves us that we are on the right path. Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind”, – says Povilas Pečiulis, CEO of Modus Asset Management.
“Financing green transactions, and in particular creation of new renewable energy assets, is one of the key elements of our strategy. This aligns with our “GObeyond strategy for 2022-2025”, where we aim to help our clients make a sustainable transformation as a leader in sustainable finance. We are therefore very pleased to have established a partnership with Modus Asset Management and to have participated in a comprehensive transaction covering a range of products, including a guarantee for the corporate energy consumer. We would like to thank the Client for their trust and our partners and advisors for their professionalism”, – says Łukasz Pobudejski, Head of Specialised Financing Division in BNP Paribas Bank Polska.
“PKO Bank Polski is the leader in financing the green transition in Poland. We are proud to support Modus Asset Management in the implementation of the RES projects, which is part of our policy of financing the development of renewable energy. As the largest Polish bank for business, we want to jointly counteract climate change and contribute to the transformation of the Polish energy system. This investment is another important step on the way to achieving the goal”, – says Marcin Majewski, Head of Corporate Customer Relations Division in PKO Bank Polski.
Modus Poland Solar Fund I is a closed-end investment fund that invests in operating solar power plants in Poland. The electricity generated by these plants is sold through corporate PPAs and CfD. Currently, the Fund owns over 113 MW of solar PV assets in Poland.