Sunly Secures €85M Funding for 329 MW Solar Projects in Latvia

Latvian energy company Sunly has obtained €85 million in international financing for four solar projects totaling 329 MW. The funding comprises €35.2 million from EIB, €35.2 million from EBRD, and €14.4 million from SEB. Projects located in Valmiera (54 MW), Krāslava (90 MW), Madona (81 MW), and Saldus (104 MW) municipalities will commence operation by early 2027. These sites are planned for future hybrid integration with wind and battery storage.

The developments will increase Latvia's installed solar capacity, which reached 660 MW by end-2024. This aligns with national targets of 1.2 GW by 2030 and 2.0 GW by 2050. Financing follows non-recourse principles without state subsidies or long-term power contracts. The €203.9 million total project cost includes €119.1 million equity from Sunly. EIB/EBRD portions benefit from InvestEU program guarantees.

Sunly has developed over 300 MW renewables across Estonia, Latvia and Poland since 2019, with 700 MW additional capacity planned within two years.