The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of Latvia’s renewable energy sector with a €35.2m loan to Baltic developer Sunly.
The investment is part of an €84.8m loan package co-financed with the European Investment Bank (EIB) and SEB bank.
The financing will help Sunly develop four hybrid solar parks in Valmiera, Krāslava, Madona, and Saldus municipalities.
Once completed in early 2027, the parks will have a total installed capacity of 329 MW – enough to power up to 180,000 households annually.
The projects will combine solar PV, wind power, and battery energy storage to enhance grid stability and energy security.
This marks the EBRD’s first direct renewable energy financing in Latvia.
“We’re pleased to build on our partnership with Sunly and support the development of new renewable energy capacity in Latvia,” said Grzegorz Zielinski, EBRD Head of Energy for Europe.
“This marks an important step toward strengthening the Baltic region’s energy security and advancing its climate goals.”
Tomas Kairys, EBRD Head of Baltic States, added: “With this financing, Sunly will contribute to the expansion of Latvia’s installed solar capacity by approximately 50 per cent, supporting its plans to increase the share of renewables in its energy mix.”
The EBRD’s loan is supported by a first-loss guarantee under the EU’s InvestEU programme. A leading investor in Latvia, the EBRD has committed more than €1.2 billion to the country to date.
Sunly operates in the Baltic states and Poland and counts the EBRD and French asset manager Mirova among its shareholders.
