Modus Group to invest 38 million euros in solar energy in Spain by the end of 2020
International company Modus Group plans to invest at least 38 million euros in the installation of solar power plants in Spain by the end of 2020. Green Genius, a company owned by Modus Group, is planning to achieve a ready to build phase of solar power plants of an aggregated capacity of over 100 megawatts (MW) in this market during 2020. Altogether, the portfolio of solar power plants managed by Green Genius in Spain is expected to grow to 560 MW in the next five years.
The first Green Genius solar power plants in Spain will be developed in the southern region of Andalusia. They will be implemented on market conditions (i.e. without state support). The solar energy produced there will be sold at market price on a long-term basis to the Spanish electricity exchange and large business users. Green Genius in Spain has already secured power grid connections for projects over 200 MW.
‘Spain is a very attractive country for the development of solar energy projects. The solar energy market is mature, at an active stage of development. It also leads to more competition, but we believe we are ready for it. We see significant opportunities in Spain to apply the experiences and competencies when developing good-quality projects,’ says Ruslan Sklepovič, the Board Member of Modus Group, responsible for the area of renewable energy.
According to Mr Sklepovič, own and borrowed funds will be used for the investment.
Green Genius aims to expand its operations in Spain by offering cheaper green electricity to businesses. The company is also planning to introduce solar as a service model, which it successfully provides in other markets.
Green Genius’ representative office is located in Madrid, the capital of Spain. The company has been operating in the country since 2017.
At the beginning of July, Modus Group concluded a sales transaction for 45.4 MW previously constructed solar power parks in Poland. It was acquired by the leading global asset manager Aberdeen Standard Investments infrastructure fund. In this market, the group aims to install a park of 41 solar power plants with a total capacity of 41MW by the beginning of 2020. The company is planning to invest approximately EUR 36 million into these green energy projects; they will be implemented by Green Genius.