Press Release

Modus Asset Management acquires 16 MW turnkey solar PV portfolio in Poland from Renesola Power

Modus Asset Management, a specialised renewables investor and ReneSola Power, a leading global solar project developer, have finalised a transaction whereby a fund managed by Modus Asset Management will acquire a 100% stake in a 16 MW turnkey portfolio of ground mounted solar photovoltaic farms from ReneSola.
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The portfolio was developed and constructed by ReneSola Power and consists of 16 state of the art projects equipped with bifacial solar panels and a total installed capacity of 16 MW. All of the projects have been awarded a 15-year contract-for-difference (“CfD”) support mechanism in Poland, ensuring stability of revenue for the projects. Under the terms of the agreement, the value of the transaction will not be disclosed.

The acquisition was implemented through Modus Poland Solar Fund I (the “Fund”), managed by Modus Asset Management. The Fund continues its active investment phase in the Polish solar  sector, aiming to build the portfolio in excess of 100 MW. Its investment strategy is to partner with solar  developers in Poland and acquire turnkey or operational solar  projects with CfD support mechanism.

Mr. Povilas Pečiulis, CEO of Modus Asset Management: “Having started an active investment phase in mid-2020, we have already completed several acquisitions  and built valuable partnerships with some of the strongest solar  developers in the region. I am delighted that an agreement has been reached with ReneSola, a widely known and respected developer,  for acquisition of its 16 MW turnkey solar  portfolio in Poland. We have ambitious investment plans for the Polish solar  sector and are eager to work with project developers, support the local solar ecosystem and drive the country’s transition to clean energy generation.”

Mr. Josef Kastner, CEO of ReneSola Power’s European Region comments: “We are excited to partner with Modus Asset Management, and look forward to future collaboration. Despite ongoing challenging macro conditions related to COVID-19, our European team continues to execute on our strategy and optimize our solar assets through strategic sales across different geographies. We remain optimistic about our opportunities in Eastern Europe, where a supportive regulatory and financing environment will enable us to grow in the region over the next several years.”