Sunly Secures €85 Million to Develop Four 329 MW Solar Parks in Latvia

Sunly Secures €85 Million to Develop Four 329 MW Solar Parks in Latvia

(IN BRIEF) Sunly will build four solar parks in Latvia totaling 329 MW capacity—54 MW in Valmiera, 90 MW in Krāslava, 81 MW in Madona, and 104 MW in Saldus—using €85 million in loans from EIB, EBRD, and SEB. Completion is targeted for early 2027, with future plans to integrate wind and battery storage. The financing, backed by InvestEU guarantees, requires no state subsidies or long-term contracts. Latvia’s solar output already reached 660 MW by 2024, with national policy aiming for 1.2 GW by 2030. Sunly contributes €119.1 million equity to the €203.9 million project. EIB’s Thomas Östros and EBRD’s Grzegorz Zielinski emphasized the deal’s importance for regional energy security and green transition. SEB Latvia reaffirmed its support as lender and hedge provider.

(PRESS RELEASE) LUXEMBOURG, 3-Aug-2025 — /EuropaWire/ — Sunly has secured nearly €85 million in financing from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB to construct four solar parks across Latvia, totaling 329 MW—enough to power up to 180,000 households annually. The EIB and EBRD each contribute €35.2 million, with SEB providing €14.4 million.

These parks—54 MW near Matīši (Valmiera), 90 MW in Dagda Parish (Krāslava), 81 MW by Barkava (Madona), and 104 MW in Zirņi (Saldus)—are slated for completion by early 2027. While initially solar-only, Sunly plans to evolve each site into a hybrid facility by integrating wind turbines and battery storage, boosting grid stability and resilience.

“Latvia’s investment in hybrid solar infrastructure exemplifies Europe’s green ambitions,” said EIB Vice-President Thomas Östros, underscoring the project’s role in enhancing energy security and flexibility. EBRD Head of Energy for Europe Grzegorz Zielinski added, “This collaboration strengthens the Baltic region’s energy independence and advances its climate objectives.”

Latvia more than doubled its solar capacity from 305 MW in 2023 to 660 MW by end-2024. National targets envisage 1.2 GW by 2030 and 2.0 GW by 2050. “Our large-scale parks will be pivotal in meeting these goals,” noted Toms Nāburgs, Sunly’s Latvia Country Manager, highlighting the long-term regional economic and social benefits.

Funded on a non-recourse basis without subsidies or power-purchase guarantees, the €203.9 million project includes €119.1 million equity from Sunly. The EIB and EBRD loans benefit from InvestEU guarantees, promoting climate action and cohesion. SEB Latvia’s Ints Krasts praised the partnership: “These parks will diversify Latvia’s energy mix and reinforce its independence.”

Background information

EIB Group

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here.

About InvestEU programme

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

Sunly  

Sunly is a renewable energy producer, dedicated to developing and operating renewable energy projects across the Baltics and Poland, while also investing in startups in the electrification sector and selling 100% renewable electricity to consumers in Estonia. At the heart of Sunly’s mission is renewable energy production, playing a crucial role in achieving regional climate goals, energy security, and affordability.

EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 79 countries, as well as the European Union and the European Investment Bank. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.

SEB

SEB is a leading northern European financial services group with international reach. We exist to positively shape the future with responsible advice and capital, today and for generations to come. By partnering with our customers, we want to be a leading catalyst in the transition to a more sustainable world. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, we have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB’s business is reflected in our presence in more than 20 countries worldwide, with around 19,100 employees. At 30 June 2025, the Group’s total assets amounted to SEK 4,110bn while assets under management totalled SEK 2,744bn. Read more about SEB Group at sebgroup.com and about SEB Latvia at: Homepage | SEB

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SOURCE: European Investment Bank