Sunly, an independent power producer (IPP) based in Estonia, has secured €85 million (~$ 96.94 million) in loans from EIB, EBRD, and SEB. The funding supports four solar parks in Latvia with 329 MW total capacity. These parks are inValmiera, Krāslava, Madona, and Saldus and will complete by 2027. They are expected to supply electricity to around 180,000 households annually. The project cost is €203.9 million, with €119.1 million provided by Sunly. Financing is backed by InvestEU and does not rely on subsidies or power contracts. Sunly plans to expand the parks into hybrid sites with wind and storage systems. Latvia’s solar capacity reached 660 MW in 2024 and targets 2.0 GW by 2050. Sunly has already delivered 300 MW across Estonia, Latvia, and Poland and aims to add 700 MW by 2027.