Lithuania’s Modus Group receives Polish finance for solar project

Poland’s mBank, part of the German Commerzbank, has granted a 10 million-euro loan to the Lithuanian Modus Group in order to finance solar power projects in Poland.

“Our expertise, experience and knowledge in renewable energy projects, and our strong track record helps us attract project financing in various markets. We have ambitious goals in Poland, and we are happy to work with mBank towards those goals,” announced Ruslanas Sklepovičius, a Modus board member, adding that: “Poland offers a favourable regulatory framework and business environment. There is still plenty of growth potential in the solar energy sector in Poland.”

Polish operations are part of a wider European expansion for Modus, and its Green Genius solar energy division.

“The renewable energy companies managed by Modus Group have grown rapidly over the last few years,” added Mr Sklepovičius. “Green Genius is responsible for solar energy projects and Modus Energy develops and executes biogas plants. Green Genius has developed projects across several European countries, including a 35 MW solar park in Ukraine due to be completed later this year, and an extensive pipeline of large-scale solar projects in Spain and Italy.”

Poland has of late been ramping up investments and announcing tenders for renewable energy projects, and by 2020, the total capacity of solar power plants in Poland is estimated to reach an output of 1 GW.

“The renewable energy sector in Poland is currently one of the most dynamic and attractive in Europe, and we support investments in this sector,” explained Bartłomiej Czuba, deputy director of the structural financing department mBank. “In December last year we adopted a new policy for wind farm and solar energy lending. Initially, we will provide around 120 million euros for investments in the field of renewable energy.”