Tallinn-based Sunly, a renewable electrical energy supplier, introduced they obtained nearly €85 million in worldwide financing to construct 4 photo voltaic parks in Latvia with a complete capability of 329 megawatts (MW) – reportedly sufficient to satisfy the annual electrical energy consumption of as much as 180k properties.
The financing bundle consists of loans of €35.2 million from the European Funding Financial institution (EIB), €35.2 million from the European Financial institution for Reconstruction and Improvement (EBRD) and €14.4 million from SEB.
“This financing is a major step towards strengthening Latvia’s financial system and vitality provide,” mentioned Toms Nāburgs, Sunly’s nation supervisor for Latvia. “By creating giant hybrid photo voltaic parks, we aren’t solely growing the nation’s renewable vitality manufacturing capability but in addition enhancing vitality safety and driving financial development within the areas. These parks will present long-term advantages to native communities by supporting socially vital tasks and initiatives, in addition to contributing to the nation’s broader electrification and subsequent industrialisation.”
Based in 2019, Sunly is an impartial vitality producer creating renewable vitality tasks within the Baltics and Poland. Sunly additionally manages a renewable vitality and electrification portfolio of startups in Estonia.
The corporate was established by 4Energia staff after 4Energia shares have been bought to Enefit Inexperienced AS. In the meanwhile of acquisition 4Energia was reportedly the largest renewable vitality firm within the Baltics. Sunly has native groups in Estonia, Latvia, Lithuania and Poland.
“Latvia’s daring push for hybrid photo voltaic infrastructure is precisely the sort of forward-looking funding Europe wants,” mentioned EIB Vice-President Thomas Östros. “We’re proud to help Sunly’s imaginative and prescient – not simply to generate clear energy, however to construct vitality programs which might be resilient, versatile, and future-ready. This mission is a blueprint for a way we will speed up the inexperienced transition whereas strengthening regional vitality safety.”
The photo voltaic park mission marks certainly one of Latvia’s most formidable renewable-energy initiatives up to now and can speed up the Baltic area’s shift to wash energy whereas enhancing Latvia’s vitality independence – as per Sunly.
The photo voltaic parks are attributable to be accomplished by early 2027 and might be situated close to Matīši village in Valmiera Municipality (54 MW), in Dagda Parish, Krāslava Municipality (90 MW), close to Barkava village in Madona Municipality (81 MW) and in Zirņi Parish, Saldus Municipality (104 MW).
Whereas the scope of this financing will help the photo voltaic part, the broader ambition is to develop all websites as hybrid parks, by subsequently integrating wind vitality and battery vitality storage programs, aiming to make sure extra secure electrical energy manufacturing, enhance grid effectivity, and improve vitality safety.
“We’re happy to construct on our partnership with Sunly and help the event of latest renewable vitality capability in Latvia,” mentioned Grzegorz Zielinski, EBRD Head of Power for Europe. “This marks an vital step towards strengthening the Baltic area’s vitality safety and advancing its local weather objectives. We stay up for contributing our experience to assist scale up this capability and help the inexperienced vitality transition.”
In keeping with figures offered by Sunly, Latvia’s put in photo voltaic capability reached roughly 660 MW on the finish of 2024, greater than doubling from 305 MW in 2023 and 100 MW in 2022. In keeping with the long-term planning tips Power Technique Latvia 2050, photo voltaic capability is projected to succeed in round 1.2 GW by 2030, step by step growing to 2.0 GW within the baseline situation by mid-century.
Sunly’s large-scale photo voltaic tasks intention to play a serious function in attaining these targets.
The photo voltaic parks are financed on a non-recourse foundation with out counting on authorities subsidies or long-term energy contracts and are designed to thrive in a aggressive vitality market. Sunly has constructed greater than 300 MW of renewable-energy capability in Estonia, Latvia and Poland over the previous 5 years, with plans so as to add an extra 700 MW over the subsequent two years.
“SEB within the Baltics has been a monetary companion for Sunly since 2019 and we’re very proud to help firm’s formidable journey in Latvia with the state-of-the-art hybrid photo voltaic parks portfolio,” mentioned Ints Krasts, Administration Board member of SEB Latvia. “The photo voltaic capacities launched in 2027 will guarantee variety of vitality sources and can strengthen vitality independence of Latvia. This a signature cooperation for SEB Latvia in addition to we’re supporting it each as a lender and a hedge supplier.”
The mission’s complete price is estimated at €203.9 million, with Sunly offering €119.1 million. The EIB and EBRD portion of the brand new financing for Sunly is backed by a assure beneath the InvestEU programme and promotes local weather motion and financial and social cohesion.
