Modus Group implemented their first solar energy project in Ukraine
Green Genius, renewable energy company of the international holding Modus Group, has successfully implemented their first solar energy project in Ukraine. Over EUR 11 million were invested in this project. The solar power plant in Ivano-Frankivsk region in the western part of the country has a capacity of 13.5 MW.
“In Ukraine, electricity generated from renewable energy sources still accounts for a small share of the country’s total energy consumption; however, the renewable energy sector is in a stage of rapid development. We aim to become one of the major renewable energy project developers in Europe, and we see great potential in Ukraine. By providing clean and green energy to this market, we also contribute to strengthening of Ukraine’s energy independence”, says Ruslan Sklepovič, Board Member of Modus Group responsible for renewable energy area.
According to Mr. Sklepovič, geographically, Ukraine is highly attractive to solar energy projects development. In fact, electricity generation efficiency here is similar to that in Poland, where Green Genius has already made its mark as a developer of renewable energy projects.
The project was delivered within six months, an impressively short period of time. According to company’s estimations, solar power plants installed in this country will produce over 14 thousand MWh of green energy every year. They will also allow to save the same amount of CO2 as 48 thousand trees would absorb.
Currently, Green Genius is developing another solar park of 33.4 MW in the northern part of Ukraine. Over EUR 30 million were invested in the project. It is estimated to be completed by the end of this year. Upon the implementation of this project, the solar park portfolio managed by Green Genius in Ukraine will amount to approximately 47 MW.
Green Genius develops renewable energy projects in different markets, including Lithuania, Poland, Ukraine, Belarus, Spain, and Italy. The company is also actively considering solar energy development opportunities in other Central European countries.
At the beginning of October this year, Green Genius announced its plans for solar energy projects development in Spain. In this market, Modus Group plans to invest at least EUR 38 million. In 2020, over 100 MW solar parks are expected to be ready for installation. The overall solar energy portfolio managed by Green Genius in Spain is expected to reach 560 MW in the coming five years.