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Latvia to Get Solar-Power Boost with EUR85 Million Financing for Sunly

Strategic Insights

— 2 min read

Latvia is set to increase its clean energy production as energy company Sunly receives almost EUR 85 million in international financing for the development of four solar parks with a total capacity of 329 megawatts in the country. The financing package, provided by the European Investment Bank, the European Bank for Reconstruction and Development, and SEB, will enable Sunly 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.

Key Takeaways:

  • The EUR 85 million financing package will enable Sunly to develop four solar parks in Latvia with a total capacity of 329 megawatts, meeting the annual electricity consumption of up to 180,000 households.
  • The project will be completed by early 2027 and will be located near MatiSi village in Valmiera Municipality, Dagda Parish in Kraslava Municipality, Barkava village in Madona Municipality, and Zirni Parish in Saldus Municipality.
  • The European Investment Bank, the European Bank for Reconstruction and Development, and SEB have provided EUR 35.2 million, EUR 35.2 million, and EUR 14.4 million, respectively, to support the project.
  • The project will be designed to thrive in a competitive energy market, with no reliance on government subsidies or long-term power contracts.
  • Sunly has built over 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 project's total cost is estimated at EUR 203.9 million, with Sunly providing EUR 119.1 million.

Statistics:

  • The four solar parks will have a total capacity of 329 megawatts, meeting the annual electricity consumption of up to 180,000 households.
  • The European Investment Bank, the European Bank for Reconstruction and Development, and SEB have provided a combined EUR 85 million to support the project.
  • The project's total cost is estimated at EUR 203.9 million, with Sunly providing EUR 119.1 million.
  • Latvia's installed solar capacity reached approximately 660 MW at the end of 2024, more than doubling from 305 MW in 2023 and 100 MW in 2022.
  • According to the Energy Strategy Latvia 2050, solar capacity is projected to reach around 1.2 GW by 2030, gradually increasing to 2.0 GW in the baseline scenario by mid-century.

Sources:

  • ENPublishing, "Europa-Latvia to get solar-power boost as energy company Sunly receives almost EUR85 million international financing" (August 4, 2025)
  • European Investment Bank, "EIB Group signs EUR 89 billion in new financing for over 900 high-impact projects in 2024"
  • European Bank for Reconstruction and Development, "EBRD supports Sunly's solar park project in Latvia"
  • SEB, "SEB in the Baltics supports Sunly's ambitious journey in Latvia"
  • Sunly, "Sunly to develop four solar parks in Latvia with a total capacity of 329 megawatts"

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