International organizations, specifically the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and SEB, have collectively offered €84.8 million in loans to support solar energy projects in Latvia.

International organizations, specifically the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and SEB, have collectively offered €84.8 million in loans to support solar energy projects in Latvia.

The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and commercial bank SEB have agreed to provide a combined €84.8 million loan package to Sunly, a Baltic region renewable energy developer. This financing is aimed at expanding solar power capacity in Latvia.

Sunly, based in Tallinn, has been a financial partner of SEB since 2019. Over the last five years, the company has built more than 300 MW of renewable energy capacity in Estonia, Latvia, and Poland. Sunly plans to add a further 700 MW over the next two years.

The EBRD and EIB financing for Sunly is backed by a first-loss guarantee under the InvestEU programme. This financing deal was announced in December, with the EBRD increasing its minority equity stake in Sunly with a €36 million investment.

The EIB Vice-President Thomas Östros has stated that this project is "exactly the kind of forward-looking investment Europe needs", providing resilient, flexible, clean energy systems. The projects will be located in the municipalities of Valmiera, Krāslava, Madona, and Saldus, regions that have been heavily dependent on fossil fuels for power generation.

It is worth noting that a French asset manager had previously invested alongside the EBRD in Sunly, but this other investor is not named specifically in relation to the Latvian solar projects. For the Latvian solar parks expansion program discussed, the only clearly identified financiers are EBRD, EIB, and SEB.

The loans will help fund the development of four solar parks with a total capacity of 329 megawatts. The projects will be financed on a non-recourse basis with no reliance on government subsidies or long-term power contracts.

Meanwhile, good things are happening in the UK. The Good Things Foundation and People's Partnership are working together to tackle digital and financial exclusion in the country.

Elsewhere, DEG has signed a $50 million funding agreement to support women-led businesses in Tanzania. The EBRD and EIB have shown continued support for clean energy projects across central and eastern Europe. The EBRD has also backed urban development and sustainable tourism in Spain through the Regional Resilience Fund.

Renalfa IPP, another renewable energy developer, has received a €315 million financing from the EBRD and other undisclosed investors. Renalfa IPP develops renewable energy projects across several countries including Bulgaria, Hungary, Romania, and North Macedonia.

In summary, EBRD, EIB, and SEB are the main and currently publicly disclosed lenders/investors in Sunly’s four solar parks in Latvia. The financing package totaling nearly €85 million is provided by these three institutions. The solar parks will contribute significantly to Latvia's renewable energy capacity and help the country move away from fossil fuels.

1. The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and commercial bank SEB have collaborated to provide €84.8 million in financing for Sunly, a Baltic region renewable energy developer, to expand solar power capacity in Latvia.
2. Sunly's expansion plans over the next two years include the addition of 700 MW of renewable energy capacity, a move that will significantly contribute to Latvia's renewable energy sector.
3. The InvestEU programme backs the EBRD and EIB financing for Sunly, and the projects will be located in Latvian regions heavily dependent on fossil fuels for power generation, such as Valmiera, Krāslava, Madona, and Saldus.
4. Beyond Sunly, the EBRD and EIB have shown ongoing support for clean energy projects and sustainable development in various countries, including urban development and sustainable tourism in Spain, and backing for women-led businesses in Tanzania.

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