Lithuania-based renewable energy developer, Modus Energy, a unit of Modus Group, announced in a press release it will invest around €50 million in the Polish solar market this year.
The company said it aims to install around 56 MW in the eastern European country, where it acquired several projects selected in the PV auctions held by the Polish government over the past years.
The company will initially build 12 solar plants at a cost of around €11 million at unspecified locations.
“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,” said the company‘s chairman of the board, Ruslan Sklepovič.
Further project details were not disclosed.
The government has, thus far, only supported solar projects up to 1 MW through two previous auctions, held in December 2016 and in June of last year, as well as its green certificate scheme, which expired a few years ago.
At the end of 2016, Poland’s cumulative installed capacity reached 199 MW. Installations built under the green certificate scheme, and registered by local energy regulator, URE, accounted for around 99 MW of the total, while the remaining 100 MW consisted of PV systems installed under the country’s net-metering scheme.