The Estonia-based renewable electricity provider Sunly will utilise loans from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB to build four solar parks in Latvia. These projects are projected to meet the annual electricity demand of up to 180,000 households. The financing package comprises €35.2 million from the EIB, €35.2 million from the EBRD, and €14.4 million from SEB.
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Latvian solar parks to be completed by early 2027
The solar parks are scheduled for completion by early 2027 and will be located in 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).
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Hybrid solar parks with wind and storage to enhance energy security and efficency
The projects are planned as hybrid solar parks, incorporating wind energy and battery storage systems to stabilise electricity production, improve grid efficiency, and enhance energy security. Sunly has already developed over 300 MW of renewable capacity across Estonia, Latvia, and Poland, with plans to add 700 MW over the next two years.
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Latvia on track for 2 GW solar
Latvia’s installed solar power capacity reached approximately 660 MW by the end of 2024, up from 305 MW in 2023. The Latvian Energy Strategy projects solar power to grow to around 1.2 GW by 2030 and 2.0 GW by mid-century. Sunly’s projects are set to play a significant role in meeting these targets while supporting regional electrification and industrial development.
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Subsidy-free solar initiative
The solar parks are financed without government subsidies or long-term power contracts, but on a non-recourse basis. This means that investors and lenders rely on the projects financial viability, reliable technology and a good oprational plan. They can only claim repayment from the project’s cash flows and assets, not from the parent company’s other assets. The total project cost is estimated at €203.9 million, with Sunly contributing €119.1 million. Financing from the EIB and EBRD is supported by the InvestEU programme, promoting climate action and economic and social cohesion. (mg)
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