Swedbank is Financing the Construction of Six Sunly Solar Parks in Latvia with 22 Million Euros
Estonian renewable energy company and independent energy producer Sunly is planning to build six solar parks in Latvia with a total capacity of 52 MW. The construction is financed by Swedbank with 22 million euros. This is Swedbank’s biggest contribution to the solar park sector in Latvia.
All six solar parks should be fully operational in 2024. The capacity of the parks ranges from 4 MW to 13 MW, a total of 52 MW, and they are located in different regions of Latvia. Two parks in the municipality of Bauska, the third in the municipality of Jelgava, two in Vidzeme: near Barkava, in the municipality of Madona and near the town of Aluksne, and a sixth in the Kurzeme – Liepāja lake area.
Lili Kirikal, CFO of Sunly, notes: “We are particularly pleased with the cooperation with Swedbank in Latvia, a as we are Swedbank Latvia’s largest project in the construction of solar parks today. The solution was possible due to careful structuring of the loan, which takes into consideration the potentially volatile nature of electricity prices. We believe this sets an example for similar financing in the future.”
According to Toms Nāburgs, the country manager of Sunly Latvia, the funding not only shows Sunly’s role and willingness to develop renewable energy production but is also a step forward in the context of energy supply and energy security in the region. “This step allows Sunly to look ambitiously towards its future plans to supply the Baltic States and Poland with renewable energy,” added Nāburgs.
Jevgenijs Ivanovs, Head of Corporate Division at Swedbank Latvia, points out that the entry of a regional renewable energy company into the Latvian market demonstrates Latvia’s ability and potential to move more boldly towards becoming an energy producer. “As one of the largest financiers in Latvia, we are pleased to participate in the development of such projects, which ensure energy independence and contribute to economic growth,” said Ivanovs.
Sunly has received finance from several notable investors, including international players such as Mirova and the European Bank for Reconstruction and Development (EBRD), both of which are focused on sustainable investments.