Sunly Secures €85 Million in International Financing for Four Major Solar Parks in Latvia

Latvia is set to bolster its clean energy capacity with four large-scale solar parks, backed by nearly €85 million in international financing. Estonia-based renewable energy company Sunly will develop the projects with support from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB Latvia.

The €203.9 million project includes loans of €35.2 million each from the EIB and EBRD, and €14.4 million from SEB. Sunly will contribute €119.1 million of its funding. The parks are expected to be operational by early 2027 and will collectively add 329 MW of solar power - enough to meet the annual electricity needs of up to 180,000 households.

Locations and Hybrid Ambitions

The four solar parks include Matīši village, Valmiera Municipality (54 MW) Dagda Parish, Krāslava Municipality (90 MW), Barkava village, Madona Municipality (81 MW), and Zirņi Parish, Saldus Municipality (104 MW).

While the current funding supports only the solar component, Sunly’s aims to evolve these into hybrid parks, integrating wind energy and battery energy storage systems (BESS) to ensure grid stability, efficient power delivery, and improved energy security.

Latvia’s Clean Energy Goals

Latvia’s installed solar capacity surged from 100 MW in 2022 to 660 MW by the end of 2024. Under its Energy Strategy Latvia 2050, the country targets 1.2 GW solar capacity by 2030, growing to 2 GW by 2050. Sunly’s 329 MW addition will be instrumental in meeting these benchmarks.

“Latvia’s bold push for hybrid solar infrastructure is exactly the kind of forward-looking investment Europe needs,” said EIB Vice-President Thomas Östros. “This project is a blueprint for accelerating the green transition while strengthening regional energy security.”

Sunly’s Country Manager for Latvia, Toms Nāburgs, highlighted the dual benefits of clean energy and community development, “These parks will provide long-term benefits to local communities by supporting socially important projects and contributing to the country’s broader electrification and industrialisation.”

Notably, the project will operate without government subsidies or long-term power contracts, making it a rare unsubsidised large-scale renewable initiative in Europe.

International Collaboration and Guarantees

The EIB and EBRD financing is supported under the InvestEU programme, aimed at promoting climate action, economic growth, and social cohesion.

“This marks an important step toward strengthening the Baltic region’s energy security,” said Grzegorz Zielinski, EBRD Head of Energy for Europe.

SEB Latvia, which has been a financial partner of Sunly since 2019, is involved both as a lender and hedge provider.

Sunly has already developed 300 MW of renewable energy in the Baltics and Poland in the past five years and plans to add 700 MW more by 2027. The upcoming Latvian solar parks represent one of the country's most ambitious clean energy undertakings to date.