Envolve Capital

What Envolve Capital does

Envolve Capital (legal entity: Modus Asset Management UAB; formerly Modus Asset Management until a February 2025 rebrand) is a Vilnius-headquartered, Bank of Lithuania-licensed alternative investment fund manager (AIFM) that deploys closed-end funds into renewable energy infrastructure across Central and Eastern Europe. Founded in 2017, the firm manages four funds—Clean Energy Infrastructure Fund (CEIF, target EUR 200M / EUR 350M hard cap), Modus Remote Solar Fund I (Lithuania), Modus Poland Solar Fund I (Poland), and the now-exited Modus Renewable Energy Lithuanian Investments (MRELI)—with total committed capital exceeding EUR 170M. Two of the funds are SFDR Article 9 compliant at the highest EU sustainability tier, and the firm operates from a 14-person team structured around investment, ESG, risk, legal, and asset management functions.

The firm's underlying "platform" is a project financing and asset management stack covering solar PV, onshore wind, and battery energy storage systems (BESS) from late-development through turnkey stages. Notable product features include a "remote solar plant" lease mechanism that lets businesses act as generating consumers, and a developer-empowerment model that originates projects through local developers and refinances them via long-term debt facilities (Eiffel, Swedbank, SEB, BNP Paribas, PKO, Alior, Šiaulių bankas). Envolve has concluded M&A transactions on 540 MW and operates 310 MW of generation, with 140 GWh/a of long-term PPAs secured.

Revenue is generated through management fees on committed/invested capital plus carried interest on returns above preferred return thresholds; the firm delivered 12.2% net IRR to MRELI investors over its six-year life (exited 2025) and reports 8.8–37.5% Net IRR across current funds as of 31 Dec 2025. Customers are split between institutional LPs (European Investment Fund, Baltic pension funds), the corporate PPA offtaker base (e.g., Żabka Polska for ~50 GWh/year), and informed/wealth investors reached via the Atelier Investment Management feeder fund. Envolve Capital is a subsidiary of Modus Group, an international conglomerate with renewables development, mobility, and automotive operations.

Name

Envolve Capital

Legal name

Modus Asset Management UAB

Website

https://envolve.capital

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Envolve Capital is a Vilnius-based, Bank of Lithuania-licensed fund manager (AIFM) that deploys closed-end infrastructure funds into solar, wind, and battery storage projects across Central and Eastern Europe for institutional and informed investors.

Ownership category

akta.pro rank

Product category

Infrastructure Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Financial Vehicles (52599), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Finance Lessors (6172)

akta.pro primary industry

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)

akta.pro secondary industries

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE)

Keywords

• Renewable energy infrastructure
• Infrastructure fund management
• Clean energy investment funds
• Solar wind investments
• CEE infrastructure assets

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: Management fees charged on committed capital of closed-end investment funds for professional and informed investors
2. Performance Fees (Carried Interest): Carried interest on investment returns above preferred return thresholds, such as 12.2% net IRR achieved for MRELI fund investors over six-year fund life

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Envolve Capital is a specialist infrastructure fund manager operating closed-end investment funds that deploy institutional and informed investor capital into renewable energy infrastructure assets (solar PV, onshore wind, and battery energy storage systems) across Central and Eastern Europe. The firm finances projects from late-development through turnkey stages, structures long-term Power Purchase Agreements and Contracts for Difference with corporate off-takers, and delivers investment returns via a combination of management fees and carried interest on fund performance.

Product overview

Envolve Capital (formerly Modus Asset Management) operates as a specialist infrastructure fund manager offering a portfolio of closed-end investment funds for informed and institutional investors focused on renewable energy infrastructure in Central and Eastern Europe. The product suite consists of four primary funds: Clean Energy Infrastructure Fund (CEIF), Modus Remote Solar Fund I (MRSFI), Modus Poland Solar Fund I (MPSFI), and Modus Renewable Energy Lithuanian Investments (MRELI). These funds collectively invest across solar PV, onshore wind, and battery energy storage systems, targeting markets in the Baltic States, Poland, and broader CEE. CEIF serves as the flagship institutional-grade platform (targeting 600 MW total capacity), while MRSFI and MPSFI focus on country-specific solar strategies in Lithuania and Poland respectively. MRELI was the firm's first fund and has been successfully exited. All funds carry the highest SFDR Article 9 'Dark Green' sustainability rating.

Differentiator

Problem solved

Functional benefit

Products and services

• Clean Energy Infrastructure Fund (CEIF) Closed-end investment fund for informed and institutional investors managed by Envolve Capital, investing in solar PV, onshore wind, and battery energy storage systems across the Baltic States, Poland, and other CEE countries. Highest SFDR Article 9 'Dark Green' sustainability rating, supported by EU InvestEU.
• Modus Remote Solar Fund I (MRSFI) Closed-end investment fund for informed investors that invests in operating solar photovoltaic power plants in Lithuania, whose electricity is sold to business customers through remote solar plant lease arrangements. Largest remote solar power plant fund in Lithuania with portfolio capacity exceeding 100 MW.
• Modus Poland Solar Fund I (MPSFI) Closed-end investment fund for informed investors that invests in operating solar power plants in Poland, with electricity sold under Power Purchase Agreements (PPAs) or Contracts for Difference (CfD). Portfolio exceeds 113 MW of solar PV assets in Poland.
• Modus Renewable Energy Lithuanian Investments (MRELI) Exited investment sub-fund for professional investors that invested in existing photovoltaic solar power plants in Lithuania. Successfully exited in Q2 2025 delivering a realized return of 12.2% net IRR to investors over its six-year life.
• Modus Renewable Energy Fund I Parent investment fund launched in June 2018 targeting EUR 70M in size, investing in operational renewable energy projects (solar PV, biogas, and wind) of small and utility-scale in the EU with focus on Central Europe. 15-year duration with targeted 8% IRR and 6% annual dividend yield.

Quantifiable outcome

• 12.2% net IRR realized return for MRELI fund investors over six-year fund life
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core.

• Atelier Investment ManagementcoreChannel Partner/ Reseller/ Distributor · 15 November 2023Partnership to open Clean Energy Infrastructure Fund to wider investor circle through Clean Energy Infrastructure Access Fund feeder structure with EUR 125,000 minimum investment. Enables smaller-sized investments in fast-growing renewable energy asset class.
• EveconcoreStrategic or Co-development Partner · 20 July 2023Acquisition of 100% stake in 55 MW solar PV portfolio (10 projects) in Latvia through Clean Energy Infrastructure Fund. Evecon is one of leading renewables developers in Baltics with largest portfolios of solar parks in Latvia. WiSo Engineering (Evecon group) provides EPC services.
• Żabka PolskacoreOthers · 22 June 202310-year virtual Power Purchase Agreement (PPA) for approximately 50 GWh of green electricity per year from 65+ MW photovoltaic power plants. First PPA market entry for Modus Asset Management in Poland. Covers over 9% of Żabka's annual electricity consumption.
• Wento (Equinor)coreStrategic or Co-development Partner · 10 August 2022Acquisition of 100% stake in 28 MW turnkey portfolio of ground-mounted solar photovoltaic farms from Wento, 100% owned by Equinor. 28 bifacial solar panel projects with 15-year CfD support mechanism. Brought Polish portfolio to 113 MW total.
• ReneSola PowercoreStrategic or Co-development Partner · 8 December 2020Acquisition of 100% stake in 16 MW turnkey portfolio of ground-mounted solar photovoltaic farms from ReneSola Power. All projects equipped with bifacial solar panels with 15-year CfD support mechanism in Poland.

Scale indicators19 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Cubico Sustainable Investments: Global renewables-focused investment manager backed by Ontario Teachers' Pension Plan and PSP Investments, deploying institutional capital into operational wind, solar, and transmission across Europe and the Americas. Directly comparable infrastructure fund-management platform.
• Foresight Group: UK-listed specialist fund manager focused on sustainable infrastructure and renewable energy private equity funds across the UK, Europe, and Australia. Directly comparable to Envolve in running closed-end infrastructure funds for institutional/informed investors with solar, wind, and energy transition mandates.
• Glennmont Partners: Clean energy infrastructure fund manager (acquired by Brookfield) running specialist funds investing in solar, wind, and storage across Europe. Directly comparable in deploying institutional capital into renewable infrastructure assets in European markets.
• Amber Infrastructure: UK-based specialist infrastructure fund manager running multiple energy, social, and transport infrastructure funds for institutional investors. Comparable in fund structure, target LP base, and pan-European infrastructure investment mandate.
• NextEnergy Capital: London-based specialist solar PV investment manager running private funds and listed vehicles for institutional investors across Europe. Closely comparable to Envolve in deploying institutional capital into operational solar PV portfolios via project finance and PPAs.
• Greencoat Capital: UK-based renewable infrastructure investment manager with multiple closed-end funds investing in wind, solar, and bioenergy across Europe. Comparable fund-management model, target LP base, and asset-class focus to Envolve Capital.
• Octopus Renewables: Part of Octopus Group, this vehicle invests in renewable energy assets (solar, wind, storage) across Europe via private and listed structures. Comparable European renewable energy fund-management mandate.

Broad incumbents

• Macquarie Asset Management: One of the world's largest infrastructure asset managers via Macquarie Infrastructure and Real Assets, with a deep European renewable energy fund platform. Envolve is comparable as a much smaller, specialist infrastructure manager operating in an overlapping asset class.
• Brookfield Renewable Partners: Global renewable energy operator and fund manager with extensive European wind, solar, and storage portfolios. Comparable only as a broad incumbent in the same asset class rather than as a same-scale peer.

Regional players

• INVL Asset Management: Lithuania-based asset manager with Baltic regional funds and pension strategies. Comparable as a regional peer based in the same geography and overlapping institutional LP base, though with a broader asset-class mandate than Envolve's specialist renewable infrastructure focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/envolve-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Envolve Capital