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Friday, 22.11.2024, 15:14
Lithuania's Modus Group to invest EUR 38 mln into solar power plants in Spain
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Modus Group said that Green Genius, its subsidiary, will install its first solar power farms in the southern region of Andalusia, with plans to increase its portfolio in Spain to 560 megawatts (MW) within five years.
"Spain is a very attractive country to develop solar energy projects. The market is mature, in the active development stage," Rolandas Sklepovicius, a board member at Modus Group, said.
The group will use its own and borrowed money to fund the investments, according to him.
Modus Group is currently building a 41-MW new solar power farm in Poland. It expects to complete the project, worth around 36 million euros, by the start of 2020.
Earlier this year, the group completed the construction of a 45.5-MW solar power farm in Poland and sold it to SL Capital Infrastructure II, a fund of the UK-based Aberdeen Standard Investments.
Kestutis Martinkenas holds 100% of shares in Modus Grupe via Dutch-registered MG NL Holding.
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