Latvia to Get More Clean Energy with €85 Million International Financing for Sunly

Strategic Insights -

The European Investment Bank, the European Bank for Reconstruction and Development, and SEB have committed almost €85 million in financing for renewable-electricity provider Sunly to build four solar parks in Latvia. The 329-megawatt solar park project will meet the annual electricity consumption of up to 180,000 households, marking one of Latvia's most ambitious renewable-energy initiatives to date. The financing will support the solar component, with plans to develop hybrid solar parks, integrating wind energy and battery energy storage systems to ensure more stable electricity production and improve grid efficiency. This project is a significant step towards strengthening Latvia's economy and energy supply, and plays a major role in achieving the country's climate goals and energy security objectives.

Key Takeaways:

  • The European Investment Bank, the European Bank for Reconstruction and Development, and SEB have committed almost €85 million in financing for Sunly to build four solar parks in Latvia.
  • The 329-megawatt solar park project will 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.
  • The financing will support the solar component, with plans to develop hybrid solar parks, integrating wind energy and battery energy storage systems to ensure more stable electricity production and improve grid efficiency.
  • The project's total cost is estimated at €203.9 million, with Sunly providing €119.1 million.
  • The EIB and EBRD portion of the new financing for Sunly is backed by a guarantee under the InvestEU programme and promotes climate action and economic and social cohesion.
  • 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.
  • The solar capacities launched will ensure diversity of energy sources and strengthen energy independence of Latvia.
  • Toms Nüburgs, Sunly's country manager for Latvia, emphasized that the project 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.
  • Ints Krasts, Management Board member of SEB Latvia, highlighted that the cooperation between SEB and Sunly is a signature partnership that showcases SEB's support for the company's ambitions journey in Latvia.

Statistics:

  • €85 million in international financing committed to Sunly for the solar park project.
  • 329 megawatts (MW) total capacity of the solar park project.
  • €35.2 million loan from the European Investment Bank.
  • €35.2 million loan from the European Bank for Reconstruction and Development.
  • €14.4 million loan from SEB.
  • €203.9 million total cost of the project.
  • €119.1 million provided by Sunly.
  • 300 MW of renewable-energy capacity built by Sunly in Estonia, Latvia, and Poland over the past five years.
  • 700 MW additional capacity planned by Sunly over the next two years.
  • 180,000 households that will meet their annual electricity consumption with the solar park project.
  • 660 MW installed solar capacity in Latvia at the end of 2024.
  • 305 MW installed solar capacity in Latvia in 2023.
  • 100 MW installed solar capacity in Latvia in 2022.
  • 1.2 GW solar capacity projected in Latvia by 2030, and 2.0 GW by mid-century.

Sources:

  • European Investment Bank
  • European Bank for Reconstruction and Development
  • SEB
  • Sunly
  • InvestEU programme