Latvia to get solar-power boost as energy company Sunly receives almost EUR 85 million international financing 

Latvia is set to get more clean energy as a result of almost EUR 85 million in international financing for renewable-electricity provider Sunly. Estonia-based Sunly will use the loans from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and SEB to build four solar parks in Latvia with total capacity of 329 megawatts (MW) – enough to meet the annual electricity consumption of up to 180,000 households. The solar parks are due to be completed by early 2027. 

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. The financing package includes loans of EUR 35.2 million from the EIB, EUR 35.2 million from the EBRD and EUR 14.4 million from SEB. 

According to the long-term planning guidelines 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. Sunly’s large-scale solar projects are set to play a major role in achieving these targets. 

Total cost of the projects is estimated at EUR 203.9 million, with Sunly providing EUR 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. 

COBALT, in cooperation with the international law firm Clifford Chance, provided full legal support in the financing transaction.  

The COBALT team included Partners Edgars Lodziņš and Dace Silava-Tomsone, Specialist Counsel Andrejs Lielkalns, Senior Associates Mārtiņš Tarlaps, Inga Tenisa and Krišjānis Bušs, and Associates Krista Helmūte and Toms Dreika. 

Sunly announcement.