On 18 June 2018, Modus Asset Management launched Modus Renewable Energy Fund I and received permission to market its investment units in the Republic of Lithuania. The Bank of Lithuania is the supervisory authority of the Fund, and the depositary of the Fund is SEB Bankas AB.
Modus Asset Management is planning to offer Modus Renewable Energy Fund I investment units to Baltic and Scandinavian investors. The first closing is expected to take place at the year-end of 2018 with total investments of €10M. Modus Asset Management has already secured 50% of the required investors’ commitments for the first closing of the Fund.
The Fund has a targeted size of €70M and will invest in operational renewable energy projects (solar photovoltaic, biogas, and wind) of small and utility-scale located in the EU (with a focus on Central Europe). The duration of the fund is 15 years, with a targeted minimal return (IRR) of 8% and a 6% annual dividend yield.