Solar PV: €84.8 M for Estonian company Sunly to build four parks in Latvia (EIB/EBRD/ SEB)

Sunly, a renewable electricity producer based in Estonia, has obtained €84.8 million in financing for the construction of four solar power plants in Latvia, with a total capacity of 329 MW. Financing was obtained from the EIB (European Investment Bank) to the value of €35.2 million, the EBRD (European Bank for Reconstruction and Development) to the value of €35.2 million, and the SEB (a Swedish bank operating in the Baltics) to the value of €14.4 million. This was announced by the EIB on 01/08/2025.

The power plants will have capacities of 54 MW, 90 MW, 81 MW and 104 MW respectively, and are scheduled for delivery in early 2027. They are expected to cover the annual electricity consumption of up to 180,000 households. The total cost of the project is estimated at €203.9 million, of which €119.1 million will be provided by Sunly. Ultimately, Sunly wants to develop hybrid parks combining solar, wind and battery storage.

In 2024, Latvia had 660 MW of installed photovoltaic capacity, compared to 100 MW in 2022. The country plans to reach 1.2 GW by 2030 and 2 GW by 2050.

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