Modus Energy invests €17.6 million into Belarusian biogas
Lithuanian renewables company Modus Energy has completed four biogas projects in Belarus with investment totalling €17.6 million, according to a report by The Baltic Times.
This new investment marks a stepping stone in Modus Energy’s investment focus on Belarus, as well as Poland and Spain.
Funds were partially provided by the Modus Group, an international conglomerate that controls Modus Energy. The project was also a cooperation with the European Bank for Reconstruction and Development (EBRD).
The four projects are estimated to reach 4MW in capacity and will generate approximately 23 million kWh of renewable electrical energy for citizens across the country.
Modus Energy is additionally planning to develop five more projects in neighbouring countries in 2019.
“Belarus is a very favourable country for the development of biogas energy – both due to its market size and a dynamic livestock business sector, and because of the Government’s efforts into developing this area,” said Ruslan Sklepovič, board chairman of Modus Energy.
“In addition, the country has a clear and transparent public auction system, and therefore investments in biogas energy are extremely favourable. Therefore, we plan further activities in Belarus.”
A prolific developer of renewable projects in its home nation, Modus Energy has implemented 11 biogas projects in Lithuania with a total output capacity of 10MW.