TGS Baltic has advised the Modus Asset Management-operated Clean Energy Infrastructure Fund on the acquisition of a 55-megawatt portfolio of solar projects in Latvia from developer Evecon, via the Clean Energy Investments special purpose vehicle. Sorainen reportedly advised Evecon on the deal.
Modus Asset Management is a Lithuanian renewable energy investment manager.
Evecon is a renewable energy developer in the Baltic States.
According to TGS Baltic, the projects are currently in the development phase. "This is one of the largest project portfolios in Latvia, which will use single-axis solar tracking and fixed-angle technologies. Currently, the portfolio is close to the ready-to-build stage. WiSo Engineering, an Evecon group company, will provide complete engineering, procurement, and construction services. The projects are expected to be commercially operational in the first half of 2024."
The TGS Baltic team included Partners Agnese Hartpenga and Aurimas Pauliukevicius and Associates Evija Abele and Elina Lesnicenoka.