Estonia-based renewable-electricity provider Sunly is set to expand its green energy projects into Latvia, supported by nearly €85 million in international financing. The loans from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB will fund the construction of four solar parks in Latvia with a combined capacity of 329 megawatts (MW) – enough to meet the annual electricity consumption of up to 180,000 households.
The project marks one of Latvia’s most ambitious renewable-energy initiatives to date and will accelerate the Baltic region’s shift to clean power while enhancing Latvia’s energy independence. The financing package includes loans of €35.2 million from the EIB, €35.2 million from the EBRD and €14.4 million from SEB.
“By developing large hybrid solar parks, we are not only increasing the country’s renewable energy production capacity but also enhancing energy security and driving economic growth in the regions.”
Toms Nāburgs, Sunly’s country manager for Latvia
The solar parks are due to be completed by early 2027 and will be located near Matīši village in Valmiera Municipality (54 MW), in Dagda Parish, Krāslava Municipality (90 MW), near Barkava village in Madona Municipality (81 MW) and in Zirņi Parish, Saldus Municipality (104 MW).
Sunly powers Latvia with 700 MW of renewables
“This financing is a significant step toward strengthening Latvia’s economy and energy supply,” said Toms Nāburgs, Sunly’s country manager for Latvia.
“By developing large hybrid solar parks, we are not only increasing the country’s renewable energy production capacity but also enhancing energy security and driving economic growth in the regions. These parks will provide long-term benefits to local communities by supporting socially important projects and initiatives, as well as contributing to the country’s broader electrification and subsequent industrialization.”
The solar parks are financed on a non-recourse basis without relying on government subsidies or long-term power contracts and are designed to thrive in a competitive energy market. Sunly has built more than 300 MW of renewable-energy capacity in Estonia, Latvia and Poland over the past five years, with plans to add a further 700 MW over the next two years.
Sunly’s hybrid parks to boost grid stability and Baltic energy security
“We are proud to support Sunly’s vision — not just to generate clean power, but to build energy systems that are resilient, flexible, and future-ready. This project is a blueprint for how we can accelerate the green transition while strengthening regional energy security,” said EIB Vice-President Thomas Östros.
“This marks an important step toward strengthening the Baltic region’s energy security and advancing its climate goals.”
Grzegorz Zielinski, EBRD Head of Energy for Europe
While the scope of this financing will support the solar component, the broader ambition is to develop all sites as hybrid parks, by subsequently integrating wind energy and battery energy storage systems, aiming to ensure more stable electricity production, improve grid efficiency, and enhance energy security.
“We’re pleased to build on our partnership with Sunly and support the development of new renewable energy capacity in Latvia,” said Grzegorz Zielinski, EBRD Head of Energy for Europe. “This marks an important step toward strengthening the Baltic region’s energy security and advancing its climate goals. We look forward to contributing our expertise to help scale up this capacity and support the green energy transition.”
The project’s total cost is estimated at € 203.9 million, with Sunly providing € 119.1 million.
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