Modus Asset Management’s Clean Energy Infrastructure Fund, aimed at opportunities in the Baltic States, Poland and other Central European countries, has raised €85m in investor commitments in its first closing.
The fund will invest in solar power and wind energy projects, as well as co-located battery storage, the total capacity of its installed infrastructure to reach 600MW. The newly launched fund was led by the European Investment Fund and Baltic pension funds.
Headquartered in Lithuania, Modus Chief executive Povilas Peiulis said the fund aims to accelerate the region’s transition to renewable energy by empowering local renewable energy developers.
“Commitments from the European Investment Fund and Baltic institutional investors allow us to expand the region’s renewable energy capacity further and significantly contribute to accelerating this process.
„We will not only provide attractive investment opportunities for institutional investors, but will also contribute to creating a better environment and encourage other market players to move in this direction.”
The fund has a target size of €200m and hard cap of €350m and will target projects in late-development and ready-to-build stages, as well as turnkey transactions.
