Sunly, the Tallinn-based renewable energy developer, has raised €85 million in debt financing from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB to build four large-scale solar parks in Latvia.
The total project cost is €203.9M, with Sunly contributing €119.1M in equity.
From grid-scale solar to hybrid energy parks
Founded in 2019, Sunly develops and operates renewable projects across the Baltics and Poland. The new funding will support the construction of 329 megawatts (MW) of solar capacity at four Latvian sites — enough to power 180,000 households annually. These parks will eventually be upgraded into hybrid energy parks by integrating wind power and battery storage to ensure grid stability and 24/7 renewable supply.
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Project timeline and site locations
The solar parks are scheduled for completion by early 2027 and will be located in:
- Matīši, Valmiera Municipality (54 MW)
- Dagda Parish, Krāslava Municipality (90 MW)
- Barkava, Madona Municipality (81 MW)
- Zirņi Parish, Saldus Municipality (104 MW)
These assets will operate without subsidies or long-term PPAs, signaling market readiness for subsidy-free renewables in the region.
Strengthening Latvia’s energy resilience
Latvia’s installed solar capacity has grown rapidly from 100 MW in 2022 to 660 MW by end of 2024, with a national goal of 2 GW by 2050. Sunly’s project is among the largest in the country and will contribute significantly to both energy independence and climate targets.
“This is a blueprint for Europe’s green transition,” said Thomas Östros, Vice-President at the EIB. “Sunly’s hybrid model is not just clean energy—it’s resilient, flexible infrastructure.”
Supported by the EU’s InvestEU programme
The funding is backed by the InvestEU guarantee, which leverages public and private capital to accelerate EU policy goals such as the Green Deal and the digital transition. The financing is structured on a non-recourse basis, enabling capital-efficient scaling for independent developers like Sunly.
Sunly has already delivered over 300 MW of clean energy capacity and plans to add another 700 MW in the next two years across its Baltic and Polish pipeline.
