4 MARCH 2019
Biogas Projects of Modus Energy in Belarus Given USD 11.3 Million EBRD Loan
The international group of companies Modus Group has signed an agreement with the European Bank for Reconstruction and Development (EBRD) on a USD 11.3 million loan for the construction of two biogas-fuelled power plants in Belarus. The total power capacity of the plants will reach 3 MW, which will be sufficient for generating about 23.6 GWh of green energy annually.
Modus Energy, a company of renewable energy sources controlled by Modus Group, has already implemented several similar projects in Belarus and has a capacity of 5 MW of biogas-fuelled power plants under its control in the country. This is the second time Modus Group is cooperating with the EBRD to implement biogas power plant-related projects. Previously, the bank helped the group install biogas plants by granting it a USD 15 million loan.
“We have consistently invested in the renewable energy industry in Belarus, where we see huge potential. Belarus has demonstrated its approval of the development and enhancement of its energy capabilities in the industry of green energy and is keen to attract foreign investment. For this reason, this market is of interest to us. Moreover, it is a country that is biogas friendly because of its well-developed stock-raising industry, which can produce sufficient raw material for biogas generation,” Liudas Liutkevičius, chairman of the board at Modus Group, noted.
According to Liutkevičius, the fact that such an important financial agency as the EBRD has contributed to the development of projects like this on a number of occasions speaks of the capabilities of the group, its specific experience and its reputation in the industry of renewable energy sources.
The new biogas-fuelled power plants of Modus Energy in Belarus will reduce the country’s annual CO2 emissions by more than 9,000 tonnes.
Like the existing power plants, the company’s new plants in Belarus will be constructed in the vicinity of stock-raising farm complexes. The biogas required for the generation of energy will be produced by processing biodegradable materials generated by these farms. The electric energy generated at the power plants will be supplied directly to the Belarusian power grid operator.
Modus Energy has also implemented biogas power plant projects in neighbouring Lithuania. In total, there are 11 biogas projects operating in Lithuania with a total capacity amounting to 10 MW.
Modus Group actively operates in the European market of renewable energy sources through its companies Modus Energy and Green Genius. Presently, the main targets of the group’s development and investment are directed towards Poland, Belarus, Ukraine, Italy and Spain.
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