Sunly, a renewable electricity provider based in Tallinn, has secured nearly €85 million (US$98 million) in international financing to build four solar parks in Latvia with a combined capacity of 329 megawatts.

The funding comes from the European Investment Bank, the European Bank for Reconstruction and Development, and SEB.

Sunly develops renewable energy projects in the Baltics and Poland.

The total cost of the project is estimated at €203.9 million (US$235.6 million), with Sunly contributing €119.1 million (US$137.6 million).

The solar parks, located near Matīši, Dagda Parish, Barkava, and Zirņi Parish, are set for completion by early 2027 and will not rely on subsidies or long-term power contracts.

Sunly plans to add wind and battery storage at the sites, with the project backed by the InvestEU programme supporting climate goals.

🔗 Source: EU-Startups

🧠 Food for thought

1️⃣ Strategic timing aligns with Baltic energy independence milestone

Sunly’s financing comes just months after a historic shift in Baltic energy infrastructure that makes projects like this particularly strategically important.

In February 2025, the Baltic States synchronized their electric grids with continental Europe, ending decades of reliance on the Russian-controlled BRELL grid after nearly 20 years of preparation and €1.6 billion in investments 1.

This synchronization fundamentally changed the energy security landscape for Latvia, creating new urgency around developing domestic renewable capacity to support true energy independence.

The timing suggests that major renewable energy investments like Sunly’s are no longer just about climate goals, but have become critical infrastructure for regional security and economic sovereignty.

2️⃣ Latvia’s solar market shows rapid consolidation around large-scale projects

Sunly’s 329 MW development enters a market experiencing significant momentum from other major players pursuing similar large-scale solar strategies.

Ignitis Renewables recently completed the 94 MW Vārme solar park, now the largest solar installation in the Baltics, while European Energy is developing a 148 MW project set for completion in late 2025 23.