The European Bank for Reconstruction and Development (EBRD) is giving a €35.2 million loan to renewable energy company Sunly to build four solar parks across Latvia, as stated in an official release. The money is part of an €84.8 million package with the European Investment Bank and SEB bank. This is the EBRD’s first direct renewable project financing in Latvia.
The four solar parks will go up in Valmiera, Krāslava, Madona, and Saldus. When finished in early 2027, they’ll have a total capacity of 329 MW. The parks will mix solar panels with wind power and battery storage to help grid stability and supply clean electricity to up to 180,000 homes each year.
Grzegorz Zielinski from the EBRD said the bank is pleased to work with Sunly and support new renewable capacity in Latvia.
“This marks an important step toward strengthening the Baltic region’s energy security and advancing its climate goals,” he said.
Tomas Kairys from the EBRD added that Sunly will help expand Latvia’s solar capacity by about 50 percent and support plans to use more renewables.
The EBRD’s financing gets backing from a first-loss guarantee under the EU’s InvestEU program, which aims to trigger more than €372 billion in extra investment between 2021 and 2027. Sunly is based in Estonia and operates in Poland and the Baltic countries.
This investment shows the EBRD’s role as a major climate finance leader in the Baltic region. The bank has put over €1.2 billion into Latvia alone, helping countries move to cleaner energy and improve energy security.
