Renewable Energy Company Sunly Raises About €85 Million in International Financing

Sunly, a Latvia-based renewable energy company, led by Priit Lepasepp(CEO & Founder) and Erkki Kallas(Head of Development & Production, Member of Sunly Management Board), has raised € 85 million in International Financing from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and SEB to build four solar parks in Latvia with total capacity of 329 megawatts (MW) – enough to meet the annual electricity consumption of up to 180,000 households.

One of Latvia’s largest renewable energy projects to date, this solar initiative will boost the Baltic region’s clean energy transition and strengthen Latvia’s energy independence. Backed by €84.8 million in loans from the EIB, EBRD, and SEB, the 329 MW of solar parks—spread across four municipalities—are set for completion by early 2027.

While this financing supports the solar component, the broader vision is to transform the sites into hybrid parks with integrated wind and battery storage—enabling stable power generation, grid efficiency, and energy security. With Latvia’s solar capacity surging from 100 MW in 2022 to 660 MW in 2024, and a target of 2 GW by 2050, Sunly’s large-scale projects are poised to be central to meeting national energy goals.

The project’s total cost is estimated at € 203.9 million, with Sunly providing € 119.1 million. The EIB and EBRD portion of the new financing for Sunly is backed by a guarantee under the InvestEU programme and promotes climate action and economic and social cohesion.