Project Detail |
The Project involves the development, construction, and operation of a solar PV portfolio comprising four solar power plants (SPPs), with a total capacity of 325MW in Latvia. The Borrower, Sunly Holding 2 SIA, is a limited liability company incorporated in Latvia specifically for holding the respective Project SPVs. Sunly Holding 2 SIA is fully owned by Sunly AS (Sunly), a renewable energy developer and independent power producer based in Estonia, operating across the Baltic countries and Poland. Project Objectives The Project will contribute to climate mitigation by adding 325MW solar generation capacity to Latvias national energy system. Renewable energy is critical to Latvias commitment to achieving climate neutrality by 2050. The additional capacity to Latvias grid will enable the Project to accelerate the expansion of the countrys solar sector, complementing existing hydropower generation by providing peak output during the summer months. Importantly, the Project will also foster greater private sector participation in a market largely dominated by state-owned entities. |