Modus Asset Management, a specialized renewables investor, and Equinor, owner of Wento – a leading onshore renewables developer in Poland – have entered into a transaction whereby a fund managed by Modus Asset Management will acquire a 100% stake in a 28 MW turnkey portfolio of ground mounted solar photovoltaic farms developed by Wento.
The portfolio was developed, commercialized and constructed by Wento, 100% owned by Equinor, and consists of 28 state-of-the-art projects equipped with bifacial solar panels and a total installed capacity of 28 MW. All of the projects have been awarded a 15-year contract-for-difference 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. To date the fund has concluded acquisition transactions with multiple developers comprising 113 MW of solar PV projects in Poland. The fund continues its active investment phase, partnering with solar developers in Poland and acquiring turnkey or operational solar projects.
Povilas Pečiulis, CEO of Modus Asset Management, said: “We are delighted to announce another acquisition transaction, building on our successful investment strategy in the Polish market. It has been a pleasure to deal with Wento, part of Equinor, which developed and built this portfolio of outstanding-quality solar parks. We retain our positive view on the Polish solar PV market which underwent unprecedented changes in recent months. A higher degree of complexity is required to navigate power price volatility, rising financing costs, high inflation and foreign exchange fluctuations. We are committed for further investments, strengthening regional energy independence, and expanding clean generation sources.”
Wojciech Cetnarski, CEO of Wento, said: “Our projects are carried out to the highest market standards and utilize the most advanced technologies. Through in-depth market knowledge, Wento is able to deliver superior-quality assets to interested investors while assuring attractive returns. We are glad to have entered into an agreement with Modus. This contract is another successful step in delivering our strategic goals while we continue to mature our pipeline that, by 2025, will bring 1.6 GW of both small and large scale renewables assets in Poland.”