August 14 (Renewables Now) - Lithuania’s Modus Group said on Tuesday it will invest EUR 30 million (USD 34.2m) in the construction of a 35-MW solar power plant in Ukraine.
The project is part of the group’s strategy to expand its renewables business in Europe and is its first one in Ukraine. It will be implemented by its units Green Genius and Modus Energy International.
The proposed photovoltaic (PV) park will be located in Zhytomyr Oblast, northern Ukraine and is expected to have an annual output of around 45,000 MWh. The Lithuanian group intends to initiate construction in the second half of next year.
Modus Group has already developed solar projects in Poland, Lithuania and Belarus and is currently working on 50 MW of PV schemes in Poland. “We are constantly looking for opportunities to invest in solar energy projects across Europe. At the moment, the markets for renewable energy in emerging countries are actively encouraging the development of renewable energy solutions," said Ruslan Sklepovic, a board member responsible for renewable energy business projects at Modus Group.
Presently, Ukraine has 841 MW of installed solar power capacity.
(EUR 1.0 = USD 1.141)