EBRD helps large-scale hybrid photo voltaic power rollout in Latvia
The European Financial institution for Reconstruction and Growth (EBRD) is boosting Latvia’s renewable power capability by means of a brand new €35.2 million mortgage offered to Sunly, a number one Baltic renewable power developer. The funding is a part of a joint €84.8 million mortgage package deal co-financed with the European Funding Financial institution (EIB) and the native business financial institution SEB.
The EBRD’s funding – the Financial institution’s first direct renewable undertaking financing in Latvia – will assist Sunly to develop 4 hybrid photo voltaic parks throughout Latvia.
Some of the vital renewable power initiatives within the nation to this point, the parks could have a complete put in capability of 329 MW as soon as accomplished in early 2027 – sufficient to provide clear electrical energy to as much as 180,000 households yearly.
The photo voltaic parks can be positioned in Valmiera, Krāslava, Madona, and Saldus municipalities, and can combine photo voltaic photovoltaic programs with wind energy and battery power storage options (BESS), offering grid stability and contributing to Latvia’s power safety.
“We’re happy to construct on our partnership with Sunly and assist the event of latest renewable power capability in Latvia,” mentioned Grzegorz Zielinski, EBRD Head of Vitality for Europe. “This marks an necessary step towards strengthening the Baltic area’s power safety and advancing its local weather objectives. We look ahead to contributing our experience to assist scale up this capability and assist the inexperienced power transition.”
Tomas Kairys, EBRD Head of Baltic States, mentioned: “With this financing, Sunly will contribute to the growth of Latvia’s put in photo voltaic capability by roughly 50 per cent, supporting its plans to extend the share of renewables in its power combine. This transaction displays two of the EBRD’s key priorities in Latvia and the broader area: to assist the expansion and competitiveness of progressive, high-potential corporations, and contribute to the area’s power safety and inexperienced transition.”
The EBRD’s financing is backed by a first-loss assure underneath the InvestEU programme.
The EBRD is a number one implementing accomplice for the EU’s InvestEU programme, which helps sustainable funding, innovation and job creation within the European Union. It goals to set off greater than €372 billion in extra funding between 2021 and 2027. Between 2022 and 2027 InvestEU ensures price €777 million can be leveraged by the EBRD to finance investments of as much as €3.8 billion in eligible sectors.
Sunly is a renewable power developer and unbiased energy producer primarily based in Estonia, working in Poland and the Baltic international locations. The corporate advantages from a various shareholding base, together with Mirova, a sustainability-focused French asset supervisor. The Financial institution is a minority shareholder in Sunly since 2023.
A frontrunner in local weather finance, the EBRD is a significant institutional investor in Latvia and the broader Baltic area. So far, the Financial institution has invested over €1.2 billion in Latvia.