Sunly Raises €85 Million For Latvia’s 329-MW Solar Cluster Project

• Sunly secures €85 million from EIB, EBRD, and SEB to build 329 MW of solar parks across Latvia, creating hybrid hubs that will add wind and storage in future.

Sunly is about to give Latvia’s solar scene a serious boost. The Tallinn-based developer has lined up almost €85 million in debt and equity—one of the biggest green-energy financings the country has ever seen—to build four new solar parks with a combined capacity of 329 MW.

The money comes from a heavyweight trio of backers: the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and Sweden’s SEB. Together they’re supplying a mix of senior loans, a mezzanine slice and construction guarantees that will keep spades moving even if supply chains wobble.

The parks will rise in Madona, Jelgava and Tukums and be built in phases through early 2027. Each site has been mapped out as a future “hybrid hub,” meaning plenty of room for wind turbines and battery banks once the grid is ready. When the full cluster is switched on, it should produce enough clean electricity to power about 180,000 Latvian homes and shave more than 320,000 tonnes of CO₂ off the country’s annual tally.

That matters because Latvia still leans heavily on hydro and biomass; large-scale solar barely topped 200 MW at the end of 2024. The government’s climate plan wants renewables to cover 60 percent of demand by 2030, so utility-scale PV has plenty of runway.

For Sunly’s chief executive, Priit Lepasepp, the funding is proof that international investors are warming to the Baltic clean-energy story. “Pairing solar with future wind and storage lets us build flexible power hubs that strengthen the grid and cut our reliance on imported energy,” he said.

Roughly 400 jobs should spring up during construction, with local contractors first in line for ground works and cabling. Environmental checks flag only minor biodiversity risks; Sunly has promised pollinator-friendly planting and a community fund worth €1,000 per megawatt.

The deal also dovetails with the EU’s REPowerEU push to replace Russian fuels with home-grown renewables. EIB vice-president Thomas Östros called it “exactly the sort of project Europe needs to secure its energy future.”