Tallinn’s Sunly, a provider of renewable electricity, secured nearly €85 million in international financing to construct four solar parks in Latvia, totaling 329 megawatts (MW), sufficient to supply up to 180,000 homes annually. The financing includes €35.2 million loans each from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD), and €14.4 million from SEB.
“This financing significantly strengthens Latvia’s economy and energy supply,” stated Toms Nāburgs, Sunly’s country manager for Latvia. “Developing large hybrid solar parks increases renewable energy production, enhances energy security, and promotes economic growth. These parks will benefit local communities by supporting vital projects and contribute to Latvia’s electrification.”
Founded in 2019, Sunly develops renewable projects in the Baltics and Poland and manages a portfolio of startups in Estonia. The company was formed by 4Energia’s team after selling 4Energia shares. Sunly has local teams in Estonia, Latvia, Lithuania, and Poland.
“Latvia’s hybrid solar infrastructure investment is essential for Europe,” commented EIB Vice-President Thomas Östros. “We support Sunly’s vision to generate clean power and build resilient, future-ready energy systems. This project is a model for accelerating the green transition and enhancing energy security.”
The solar parks, expected to be completed by early 2027, are located near Matīši village in Valmiera Municipality (54 MW), Dagda Parish in Krāslava Municipality (90 MW), Barkava village in Madona Municipality (81 MW), and Zirņi Parish in Saldus Municipality (104 MW).
The project intends to develop sites as hybrid parks, integrating wind energy and battery storage to ensure stable electricity, improve grid efficiency, and strengthen energy security.
“We’re building on our partnership with Sunly to expand renewable capacity in Latvia,” said Grzegorz Zielinski, EBRD Head of Energy for Europe. “This is a key step in advancing the Baltic region’s energy security and climate goals. We offer our expertise to scale up this capacity for the green transition.”
Sunly’s data shows Latvia’s solar capacity reached approximately 660 MW by the end of 2024, up from 305 MW in 2023. The Energy Strategy Latvia 2050 projects reaching 1.2 GW by 2030 and 2.0 GW by mid-century. Sunly’s projects aim to be instrumental in reaching these targets.
The solar parks are funded on a non-recourse basis without government subsidies and aim to succeed in a competitive market. Sunly has developed over 300 MW of capacity across Estonia, Latvia, and Poland, with plans to add 700 MW in the next two years.
“SEB has been a partner for Sunly since 2019, supporting its ambitious plans in Latvia,” said Ints Krasts, SEB Latvia Board member. “The solar parks will diversify energy sources and strengthen Latvia’s energy independence. It’s a signature cooperation for SEB Latvia, supporting as both a lender and hedge provider.”
The project is estimated at €203.9 million, with Sunly investing €119.1 million. The EIB and EBRD financing is backed by InvestEU, promoting climate action and economic and social cohesion.