Lithuanians to invest EUR 30 mln in solar power plant in Zhytomyr region

Investing in Ukraine: Lithuanians to invest EUR 30 mln in solar power plant in Zhytomyr region

The #Lithuanian #Modus #Group intends to #construct a #solar #power #plant with a capacity of 35 MW worth EUR 30 million in #Ukraine. Construction works in the #Zhytomyr region are planned to #commence in the second half of 2019. The solar power plant will supply a total of 45,000 MWh of #electricity #annually.

Visit our website if you are interested in #doing business in Ukraine or looking for new #investment opportunities

The Modus Group, an international group headquartered in Lithuania, is planning to construct a solar power plant in the Zhytomyr region of northern Ukraine with a capacity of 35 MW, the company announced in a press release. The total cost of the project is estimated at EUR 30 million.

The project for the construction of the solar power plant will be carried out by Green Genius and Modus Energy International, both of which belong to Modus Group. Construction works are scheduled to commence in the second half of 2019. The solar power plant will produce about 45,000 megawatt hours of electricity per year. This will be the first project to be implemented in Ukraine by the Group.

The companies of Modus Group are engaged in car trade, real estate development as well as in energy sector. In particular, Modus Energy International and Green Genius develop solar energy projects in Lithuania, Spain, Belarus, Poland and other European countries. More than EUR 50 million has already been invested in solar projects in Poland. The markets of countries that are just beginning to actively develop renewable energy are of particular interest to Modus Group.

As to Ukraine, on 1 October 2014, the Cabinet of Ministers approved the National Renewable Energy Action Plan for the period until 2020. The Action Plan predicts an increase in the share of renewables in total energy consumption in the energy sector from 1% to 11%. The most important mechanism for promoting the development of renewable energy in Ukraine is the feed-in tariff (the so-called ‘green’ tariff), a guaranteed statutory tariff for green electricity generated from renewable energy sources that is fed in into the public grid.

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