Modus Energy Launches Construction of 12 Solar Power Plants in Poland
Renewable energy company Modus Energy is launching construction of 12 new solar power plants in Poland. International group of companies Modus Group invested EUR 11 million from their private equity funds. Electricity generated by the power plants will be sold to Polish electricity network operators. The 12 solar power projects will be the first of more than 50 to be implemented by Modus Energy in the country.
The construction of the first 12 Modus Energy solar power plants in Poland is scheduled to be completed by the end of June, 2018. Around 30 identical projects across various regions of the country are planned for this year. Approximately 56 MW is to be generated by the solar power plants that will be installed in an area of around 130 ha. The total amount of investments is estimated at over EUR 50 million.
“We are one of the largest developers in Poland investing in solar power projects. Poland's huge market, its state objectives to engage in the development of the renewable energy sector, and a welcoming business environment make the country attractive to our company. Meanwhile, we are an investor with the necessary experience and resources to undertake large-scale projects in Poland. We hope to attract external investors during the implementation of other projects as well,” says Ruslan Sklepovič, Chairman of the Board of Modus Energy.
Modus Energy has purchased several solar power projects in Poland after winning auctions organized by the state. Poland has already organized auctions for nearly 400 MW worth of solar power projects. More than a tenth of the entire solar energy capacity of the country is planned to be serviced by Modus Energy plants.
Experts forecast that by mid-2019 the solar power from all plants in Poland will total at around 700 MW. Polish authorities responsible for the solar energy development plan to have 1 GW worth of new solar power plants by 2020.
To attract additional investments for ongoing projects, Modus Energy issued EUR 5 million in corporate bonds at the end of last year. Recently, Modus Group has also signed an agreement with the European Bank for Reconstruction and Development (EBRD) on the financing of biogas power plants in Belarus. Under this agreement, the EBRD will grant a loan of more than EUR 12 million to the Company.
In addition to Poland, Modus Energy is also implementing solar energy projects in Lithuania, Latvia, Belarus and Spain. The companies established in these countries by Modus Energy have already built several solar power plants with a total capacity of over 20 MW. Modus Energy now offers solar energy solutions for businesses and is engaged in the development of solar parks. As the demand for renewable energy is rapidly growing, the Company plans further development of its business across Europe.