Sunly Opens One of Latvia’s Largest Solar Parks, Bringing Total Planned Investment to €100 Million

Renewable energy company Sunly has inaugurated a 54 MW solar park near Matīši in Valmiera Municipality, one of the largest solar energy projects in Latvia. The project marks the first phase of a larger hybrid energy park that will combine solar and wind power generation with energy storage technologies. Total planned investment in the hybrid park is expected to reach €100 million.

The project is financed by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB. The solar park is already generating electricity equivalent to the annual consumption of approximately 15,000 households, strengthening Latvia’s domestic renewable energy generation capacity.

The project also represents an important development for the Baltic energy sector. For the first time in the region, a construction permit has been issued for a hybrid energy park combining solar generation, wind power and electricity storage technologies within a single grid connection point.

Expanding Latvia’s renewable energy infrastructure

Work has already begun on the next stages of the project. Sunly has entered into a strategic partnership with Rolls-Royce to develop energy storage systems across its hybrid energy park portfolio in Latvia and Estonia. The planned total storage capacity will reach 790 MWh.

The partnership represents the largest energy storage transaction between a private company and a technology provider in the Baltic region and is expected to become one of Rolls-Royce’s largest energy projects in the region.

At the same time, Sunly is continuing the design of four wind turbines, with construction expected to be completed by 2028.

“Today marks an important moment not only for our company, but also for Latvia’s energy transition as a whole. The Matīši solar park is already providing clean electricity to thousands of households, but this is only the beginning. By combining solar, wind and energy storage technologies into an integrated energy ecosystem, we are building a more resilient, flexible and secure energy system for the future,” said Toms Nāburgs, Country Manager of Sunly in Latvia.

Jānis Baiks, Chairman of the Valmiera Municipality Council, highlighted the wider economic importance of the investment: “The development of renewable energy projects of this scale is highly significant for the economic growth and long-term competitiveness of Valmiera Municipality. We are pleased to see investment in modern energy infrastructure that strengthens regional development, creates new opportunities and contributes to Latvia’s energy independence.”

Supporting Latvia’s energy transition

At the beginning of this year, the combined capacity of industrial-scale solar power plants connected to Latvia’s high-voltage electricity grid reached 670 MW.

Under Latvia’s Energy Strategy 2050, solar generation capacity is expected to increase to approximately 1.2 GW by 2030. Under the strategy’s baseline scenario, capacity could reach 2 GW by the middle of the century.

To date, financing secured by Sunly has enabled the company to develop four solar parks in Latvia with a combined capacity of 329 MW. Once fully operational, these projects will be capable of supplying electricity equivalent to the annual consumption of up to 180,000 households.

Total investment in the four projects amounts to €203.9 million. Sunly is investing €119.1 million, while almost €85 million has been provided by the European Investment Bank, the European Bank for Reconstruction and Development and SEB.

In addition to the 54 MW Matīši solar park in Valmiera Municipality, Sunly is developing the 104 MW Zirņi solar park in Saldus Municipality, which is currently under construction. The company has also developed the 81 MW Barkava and 90 MW Dagda solar parks, both of which began generating electricity this spring.

“Strengthening Europe’s energy security requires smart and integrated solutions. Latvia’s move towards hybrid renewable energy parks is precisely the kind of investment Europe needs today. The Matīši solar park demonstrates how combining solar, wind and energy storage technologies can contribute to a more resilient and flexible energy system. Through its financing, the EIB is helping accelerate the transition towards clean, secure and competitive energy in Latvia and across the Baltic region,” said Karl Nehammer, Vice-President of the European Investment Bank.

Julien Mauduit, Director of Energy, Central and Eastern Europe at the European Bank for Reconstruction and Development, said: “We are pleased to support the commissioning of the Valmiera solar park, demonstrating the EBRD’s commitment to supporting Latvia’s energy transition and broader green transition objectives. This is another important step towards strengthening energy security in the Baltic region, achieving climate targets and increasing renewable energy generation capacity.”

Ints Krasts, Member of the Management Board of SEB banka, said: “We are proud to support such an ambitious portfolio of renewable energy projects in Latvia. Sunly has a clear development vision and strong capabilities to deliver large-scale projects that will make a significant contribution to the long-term growth of the Baltic economy and strengthen the region’s energy independence. This cooperation is also important for SEB, as we are involved both as a financier and as an interest rate risk management partner, helping to ensure long-term financial stability.”

A growing regional renewable energy portfolio

The Matīši solar park forms part of Sunly’s broader renewable energy portfolio across the Baltic states and Poland. Over the past five years, the company has developed more than 300 MW of renewable energy capacity. Over the next two years, Sunly plans to build an additional 700 MW.

The EIB’s financing is supported by an InvestEU programme guarantee, helping to advance Europe’s climate objectives while also strengthening economic and social cohesion across the European Union.

The opening ceremony of the solar park brought together representatives of the Latvian government, international financial institutions, the energy sector and regional partners. Participants included Jānis Baiks, Chairman of the Valmiera Municipality Council; Priit Lepasepp, Founder and CEO of Sunly; Toms Nāburgs, Country Manager of Sunly in Latvia; Rolands Irklis, Chairman of the Management Board of Augstsprieguma tīkls; Kathy Leach, British Ambassador to Latvia; as well as representatives of the European Investment Bank, European Bank for Reconstruction and Development, SEB and other project partners.