Renewable energy company Sunly has officially opened its 54 MW solar park near Matīši in Valmiera Municipality - one of the largest solar energy projects in Latvia. The solar park represents the first phase of a broader hybrid energy park development combining solar, wind and battery storage technologies, with the total planned investment across the full hybrid project expected to reach EUR 100 million. The solar project is being developed with financing support from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and SEB.
The park is already generating electricity equivalent to the annual consumption of approximately 15,000 households and significantly strengthens Latvia’s local renewable energy generation capacity. At the same time, the project marks an important milestone for the Baltic energy sector as the first project in Latvia to receive a hybrid park construction permit, combining solar, wind and battery storage technologies under a single grid connection point.
Therefore, work has already begun on the next stages of the project development. Alongside the solar park opening, Sunly also announced a strategic partnership with Rolls-Royce to explore the development of battery energy storage systems across Sunly’s hybrid park portfolio in Latvia and Estonia, reaching 790 MWh in total. The partnership represents the largest battery storage deal with a privately owned company in the Baltics, marking a key milestone in Sunly's hybrid energy park strategy and potentially one of the largest Rolls-Royce energy initiatives in the region to date. In parallel, four wind turbines are currently in the design phase and could be constructed by 2028.
The opening event brought together representatives from the Latvian government, international financial institutions, energy sector partners and regional stakeholders, including Valmiera Municipality Chairman Jānis Baiks, Sunly Founder and CEO Priit Lepasepp, Sunly Latvia Country Manager Toms Nāburgs, Chairman of the Management Board of “Augstsprieguma tīkls” (Latvia’s transmission system operator) Rolands Irklis, Her Excellency Kathy Leach, Ambassador of the United Kingdom to Latvia, as well as representatives of the EIB, EBRD, SEB and other partners.
“Today marks an important milestone not only for Sunly, but for Latvia’s broader energy transition,” said Toms Nāburgs, Country Manager of Sunly in Latvia. “The Matīši solar park is already producing clean electricity for thousands of households, but this is only the beginning. By combining solar, wind and storage technologies within one energy ecosystem, we are building a more resilient, flexible and secure energy system for the future.”
“The development of renewable energy projects of this scale is highly important for the economic growth and long-term competitiveness of Valmiera Municipality,” said Jānis Baiks, Chairman of Valmiera Municipality Council. “We are pleased to see investments being made in modern energy infrastructure that strengthens regional development, creates new opportunities and contributes to Latvia’s energy independence.”
Using the secured financing, Sunly is developing four solar parks in Latvia with a combined capacity of 329 MW, capable of supplying electricity to up to 180,000 households annually. The total investment volume of the four projects amounts to approximately EUR 203.9 million, of which EUR 119.1 million will be financed by Sunly, while nearly EUR 85 million has been secured through international financing provided by the EIB, EBRD and SEB.
Alongside the 54 MW Matīši solar park in Valmiera Municipality, Sunly is also developing the 104 MW Zirņi project in Saldus Municipality, currently under construction, as well as the 81 MW Barkava and 90 MW Dagda solar parks, both of which are already generating electricity.
At the beginning of 2026, the total utility-scale solar generation capacity connected to Latvia’s high-voltage transmission grid reached 670 MW. According to Latvia’s Energy Strategy 2050, solar generation capacity is expected to increase to approximately 1.2 GW by 2030, gradually reaching 2 GW under the baseline scenario by the middle of the century. Sunly’s four solar parks under development in Latvia will contribute significantly towards achieving these targets.
“Strengthening Europe’s energy security requires smart, integrated solutions,” emphasised EIB Vice-President Karl Nehammer. “Latvia’s move towards hybrid renewable energy parks is exactly the kind of investment Europe needs. The Matīši solar park shows how combining solar, wind and storage can deliver a more resilient and flexible energy system. Through our financing, the EIB is helping to accelerate the transition to clean, secure and competitive energy in Latvia and across the Baltic region.”
“We are pleased to support the commissioning of the Valmiera solar park, which reflects the EBRD’s commitment to Latvia’s energy transition and broader green transition objectives,” said Julien Mauduit, Regional Head of Energy - CEE at the EBRD. “This milestone marks another important step towards enhancing energy security in the Baltic region, advancing climate goals, and expanding renewable energy generation.”
“We are proud to support Sunly in advancing its ambitious renewable energy projects in Latvia. The company has a strong vision and strong execution capabilities in developing large-scale projects, which will make a meaningful contribution to the long-term growth of the Baltic economy and enhance energy independence in the region,” said Ints Krasts, Member of the Management Board at SEB Latvia. “This partnership is also significant for SEB, as we support the project both as a lender and as an interest rate hedging partner, helping to ensure long-term financial stability.”
The solar park forms part of Sunly’s wider renewable energy pipeline across the Baltics and Poland. Over the past five years, the company has developed more than 300 MW of renewable energy capacity and plans to add an additional 700 MW over the next two years.
The EIB’s share of the financing is backed by the InvestEU programme guarantee, supporting climate objectives while strengthening economic and social cohesion.
Additional information:
Sunly
Sunly is an integrated energy infrastructure platform that combines renewable generation, storage and large-scale electricity demand, turning clean power into a competitive advantage for electrified industry and digital infrastructure. Sunly operates in the Baltics and Poland. Sunly employs nearly 200 people and is backed by investors including Mirova, Vardar, EBRD, EIB, mBank, and Rivage Investments.
EIB Group
The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.
About InvestEU programme
The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps crowd in private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
EBRD
The European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that promotes private sector development and entrepreneurial initiative across 36 economies on three continents. The Bank is owned by 79 countries, as well as the European Union and the European Investment Bank. EBRD investments are aimed at making economies competitive, well-governed, green, inclusive, resilient and integrated.
Please enter your username and password.
2026 © The Baltic Times /Cookies Policy Privacy Policy
